ST. GEORGE’S, Grenada, CMC—Grenada has recorded a decline in remittances from nationals overseas in comparison with the earlier 12 months, in accordance with figures launched by the Grenada Authority for the Laws of Monetary Establishments (GARFIN).
It mentioned that the amount of cash remitted to Grenada by means of cash service operators final 12 months, in comparison with 2022, confirmed a discount of EC$2.7 million (One EC greenback = US$0.37 cents).
“Based mostly on knowledge reported to GARFIN, whole remittances flowing into Grenada in 2023 by means of the cash switch operators amounted to EC$ 57.5 million whereas whole outflows amounted to EC$ 215.9 million. There was, subsequently, a web influx into the nation of EC$158.4 million,” mentioned GARFIN in its 2023 annual report.
The 2022 annual report confirmed that the remittance influx was EC$161.1 million, whereas the outflow elevated to EC$55.2 million. In 2021, the influx was EC$176.5 million, whereas the outflow was EC$45.9 million.
With the inclusion of the remittances for 2023, GARFIN notes that for the seven years, 2017-23, the entire quantity of remittances flowing into Grenada was EC$946.8 million, with the 12 months 2021 because the record-breaking 12 months of EC$176.5 million. Since 2021, remittances have been lowering.
As of December 31, 2023, two firms had been licensed to conduct cash switch actions in Grenada. They’re licensed below the Cash Providers Companies (MSB) Act and are topic to GARFIN’s regulatory procedures, together with each offsite and onsite supervision, as are all different regulated entities. In 2023, supervisory procedures centered on enhanced offsite monitoring.
GARFIN is answerable for regulating and supervising the non-bank monetary sector in Grenada.
In the meantime, GARFIN notes that nonperforming loans within the Grenada Improvement Financial institution (GDB) confirmed indicators of worsening final 12 months and that the financial institution’s board of administrators has prompt amending the prevailing laws to increase the financial institution’s features.
“As of December 31, 2023, the GDB held whole property amounting to EC$114.5 million with a complete mortgage portfolio of EC$99.4 million and surplus of EC$ 1.2 million. Nonperforming loans stood at lower than three % however confirmed indicators of worsening.
“On an total foundation, the Financial institution’s efficiency has been creditable and stays secure,” mentioned GARFIN, whose 2023 report will doubtless be tabled in Parliament on Wednesday.
“The Financial institution submitted quarterly monetary stories on prescribed reporting kinds to facilitate this monitoring,” mentioned the report, which factors out that the Board of Administrators halted the proposed modification to the GDB Act.
“As well as, the draft (Modification) Invoice, which was beforehand accomplished by the Grenada Improvement Financial institution (GDB) to amend the GDB Act Cap 129, has been positioned on maintain by the Board of Administrators whereas the Financial institution pursues different priorities for reorganizing,” mentioned the report
