|Other measuring instruments|
|Passenger & cargo ships|
|Passenger & cargo ships|
The Federation of Saint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is a two-island country in the West Indies. Located in the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Americas, in both area and population. The country is a Commonwealth realm, with the British Monarch (currently, Elizabeth II) as its head of state. The capital city is Basseterre on the larger island of Saint Kitts. The smaller island of Nevis lies about 2 miles (3 km) southeast of Saint Kitts across a shallow channel called "The Narrows." The British dependency of Anguilla was historically also a part of this union, which was then known collectively as Saint Kitts-Nevis-Anguilla. To the north-northwest lie the islands of Sint Eustatius, Saba (the Netherlands), Saint Barthélemy, Saint-Martin/Sint Maarten and Anguilla. To the east and northeast are Antigua and Barbuda, and to the southeast is the small uninhabited island of Redonda, and the island of Montserrat, which currently has an active volcano. Saint Kitts and Nevis were among the first islands in the Caribbean to be settled by Europeans.
In 2011 St Kitts and Nevis had around seven commercial banks, one offshore bank, one development bank and four credit unions. Of the commercial banks, the majority are foreign owned, and have a share of financial assets approximately equal to that of the state controlled banks. St Kitts and Nevis is home to the Eastern Caribbean Home Mortgage Bank, which is the only secondary market institution in the region, and is involved in the mortgage market. St. Kitts and Nevis has a relatively simple system of public and private financial institutions, which the government wishes to expand. As a member of the Organization of Eastern Caribbean States (OECS), it has as its central monetary authority the Eastern Caribbean Central Bank (ECCB), headquartered in Basseterre. The Eastern Caribbean Home Mortgage Bank is also located in St. Kitts and Nevis.
The two islands had eight banks in 2000, including both foreign and domestic concerns. Barclays Bank, the Royal Bank of Canada, and the Bank of Nova Scotia represent foreign interests, whereas domestic interests include the St. Kitts and Nevis National Bank, the Development Bank of St. Kitts and Nevis, and the Nevis Cooperative Bank. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $42.5 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $305.9 million.
|Agriculture||Sugarcane, peanuts, cotton, coconuts, Sweet potatoes, onions, tomatoes, cabbages, carrots and breadfruit.|
|Manufacture||Copra, clothing, footwear, beverages and electronics.|
|Services (Including financial)||75.1% (2013 estimate)|
|The St. Kitts Sugar Manufacturing Corporation||Sugar|
|Development Bank of St. Kitts – Nevis Banking||Banking|
|Tropical Shipping Shipping||Shipping|
|Cable & Wireless||Telecom|
|Other measuring instruments|
|Passenger & cargo ships|
|Passenger & cargo ships|
The Eastern Caribbean Securities Exchange Ltd (ECSE) was incorporated in St Kitts under the St Kitts Companies Act and began operations on 19th October 2001. Along with its two wholly-owned subsidiaries, the Eastern Caribbean Central Securities Registry (ECCSR) and the Eastern Caribbean Central Securities Depository (ECCSD), the ECSE operates a regional securities market facilitating the buying and selling of a range financial products, including corporate stocks and bonds and Government securities. It is the first fully electronic regional exchange in the entire Western Hemisphere, with completely paperless trading. It also has the fastest settlement period for trade execution at T+1. Unlike many exchanges, regionally and globally, it is a public ‘for profit’ limited liability company, with 49 shareholders in 11 Caribbean countries. The ECSE Group offers a full range of securities trading and ancillary services to listed and non-listed companies in the entire CARICOM region.
The Eastern Caribbean Securities Exchange is a regional securities market, established by the Eastern Caribbean Central Bank and licensed under the Securities Act, uniform regional legislation governing securities market activities. The ECSE is designed to facilitate he buying and selling of financial products, including corporate stocks and bonds and government
securities, for the eight ECCB member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. It is the first regional securities market in the Western Hemisphere.
Saint Kitts and Nevis has made sound progress in climbing out of its debt crisis but there is still work to be done, the International Monetary Fund has said. The two-island Caribbean country requested emergency financial aid from the IMF four years ago after the global financial crash of 2007/08 worsened an already brewing debt crisis. Public debt peaked at 160% of gross domestic product in 2010 but had already been deemed unsustainable in 2006 after growing steadily in the decade leading up to the global financial crisis. A three-year support program was agreed in 2011 and Saint Kitts and Nevis was given access 52.5m in Special Drawing Rights, the IMF’s reserve asset.
In an evaluation of this program published yesterday, the IMF applauded the country’s “home-grown” efforts at economic recovery, which had seen “substantial improvements” in macroeconomic conditions and a return to robust growth. Debt restructuring has contributed to a steep reduction in overall public debt and placed debt ratios on a downward path, but there is still progress to be made. Important fiscal reforms and larger-than-expected savings accumulated under the government’s Citizenship by Investment Program (CBI) were found to have contributed to significant improvements. However, the IMF directors warned it might be prudent to design programs that strengthen fiscal buffers given the potential risk of windfalls from the CBI program beginning to decline. They said that it was now important to ensure that fiscal discipline remained permanent in Saint Kitts and Nevis, for example through further efforts to contain the country’s wage bill, which prescribed increases in wages for workers in the country’s 2014 budget. Directors also encouraged closer coordination between the federal government and the Nevis Island administration on financial management, capacity building and policy implementation.
By end-2014, total public sector debt stood at 79 percent of GDP, which had been reduced by 56 percentage points on account of the restructuring, one of the largest in recent times. Domestic debt fell 49 percentage points, reflecting mainly the debt-land swap (41 percentage points), while external debt dropped 7 percentage points primarily because of the debt exchange (and external amortization decreases by 7.5 percent of GDP over 2012–20). Short-term debt was reduced from around 40 percent of GDP ahead of the restructuring to close to 15 percent at end-2014. While debt service was reduced, gross financing needs are anticipated to remain above the 15 percent of GDP percent risk threshold incorporated in the Fund’s DSA for market access countries despite the reduction in short-term debt. The land-debt swap reduced both the government’s debt as well as the financial system’s exposure to the government. However, it meant that banks continued to hold a relatively illiquid asset (land).11 An earlier proposal, which had also been mooted in the Fund’s 2009 Debt Management TA report, had been for the government to sell the land, allowing the government to provide a liquid asset to the banks. During the program there was concern about the impact of the land-debt swap on banks’ income, but the implication of illiquidity for banks’ operations received less attention. Another important concern is that banks have no direct ability to divest the land. It is important that the process of land sales are completed to ensure the benefits of the debt reduction are preserved and are fully felt by the banks despite a new government—which had campaigned against the swap—being in power now.
Saint Kitts was home to the first British and French colonies in the Caribbean, and thus has also been titled "The Mother Colony of the West Indies." Saint Kitts and Nevis along with Anguilla, became an associated state with full internal autonomy in 1967. Anguilla's rebelled and separated from the others in 1971. St. Kitts and Nevis achieved independence in 1983. It is the newest sovereign state in the Americas. In August 1998, a vote in Nevis on a referendum to separate from St. Kitts fell short of the two-thirds majority needed. In late September 1998, Hurricane Georges caused approximately $458,000,000 in damages and property and limited GDP growth for the year and beyond. Georges was the worst hurricane to hit the region in the century. Saint Kitts and Nevis is a twin-island federation whose economy is characterised by its dominant tourism, agriculture and light manufacturing industries. Sugar was the primary export from the 1940s on, but rising production costs, low world market prices, and the government's efforts to reduce dependence on it have led to a growing diversification of the agricultural sector. In 2005, the government decided to close down the state-owned sugar company, which had experienced losses and was a significant contributor to the fiscal deficit.
Former sugar plantations dominate the St. Kitts landscape. Many of the cane fields are being burned to make room for land development, especially on the northern side of the island, in the parishes of Saint John Capisterre and Christchurch. The agricultural, tourism, export-oriented manufacturing, and offshore-banking sectors are being developed and are now taking larger roles in the country's economy. The growth of the tourism sector has become the main foreign exchange earner for Saint Kitts and Nevis. The country has also developed a successful apparel assembly industry and one of the largest electronics assembly industries in the Caribbean. St. Kitts is dependent upon tourism to drive its economy. Tourism to the island has been expanding since 1978. In 2009 there were 587,479 arrivals to Saint Kitts compared to 379,473 in 2007. This growth represents an increase of just under 40% in a two-year period. As tourism grows the demand for vacation property increases in conjunction. In hopes of expanding tourism, St. Kitts hosts its annual St. Kitts Music Festival.
(Former prime minister)
Sir Kennedy Simmonds
(Former prime minister)
The East Caribbean dollar (XCD) is the currency of all seven full members and one associate member of the Organization of Eastern Caribbean States. It has existed since 1965, being the successor to the British West Indies dollar, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since July 7, 1976. Anguilla's local currency is the Eastern Caribbean dollar, which is fixed to the U.S. dollar at $2.72(EC) to $1(USD). The U.S. dollar is accepted pretty much everywhere on the island. While visiting Anguilla, you can receive change in either U.S. dollars or Eastern Caribbean dollars, or even both. Airports and hotels have currency exchanges, but go to a bank to get the best rates. Before leaving your home country, exchange some money for travel incidentals such as tipping at the airport and ground transportation to your accommodations. This is good advice for U.S. citizens, as well. Even though most places accept U.S. currency, it's always good to be prepared in case something out of the ordinary happens. You don't want to worry about getting Eastern Caribbean money while you're trying to get settled in. Despite the dominance of the euro since January 2002 within the mother country, Holland, the legal tender on the Dutch side of St. Maarten is still the Netherlands Antilles florin (NAF); the official exchange rate is NAF 1.79 for each $1. U.S. dollars are really the coin of the realm here, and prices in hotels and most restaurants and shops are designated in dollars. On the French side (as well as on St. Barts), the official monetary unit is the euro, with most establishments widely quoting and accepting either dollars or NAF guilders as well. At press time, the U.S. dollar was trading at $1.20 to the euro. Anguilla's official currency is the Eastern Caribbean Dollar, though U.S. dollars are accepted everywhere; the exchange rate is set permanently at roughly 2.70EC to $1. Until 1981, the coins of the BWI$ circulated. In 1981, a new series of coins was introduced in denominations of 1, 2, 5, 10 and 25 cents and 1 dollar. The round, aluminum bronze dollar coin was replaced in 1989 with a decagonal, cupro-nickel type. Higher denominations exist, but these were issued only as medal-coins. 1 and 2 cents were withdrawn from circulation in July 2015, and will remain legal tender till 30 June 2020. In 1965, the Eastern Caribbean Currency Authority issued banknotes in denominations of 1, 5, 20 and 100 dollars, all featuring Pietro Annigoni’s 1956 portrait of Queen Elizabeth II in regalia of Order of the Garter. The first issues in the name of the Eastern Caribbean Central Bank in 1985 were of the same denominations, with the addition of 10 dollar notes. The last 1 dollar notes were issued in 1989 and 50 dollar notes were introduced in 1993. On April 1, 2008, the East Caribbean Central Bank issued a new series of banknotes like the preceding issues, but omit both the bar code and the country code letterings which form part of the serial number on current notes. In 2012, the East Caribbean Central Bank issued a series of banknotes with Braille features in an effort to provide notes which are easier for blind and visually impaired persons to use. The raised Braille characters on the upgraded notes feature a Cricket theme in the form of balls and stumps. These characters have been added to the 10-, 20-, 50-, and 100 dollar notes. .
In 1939, coins were introduced in denominations of 10 halierov, 5 and 20 korunas, with 20 and 50 haliers and 1 koruna added in 1940. The 10 and 20 haliers were bronze, the 50 haliers and 1 koruna cupronickel, the 5 korunas nickel and the 20 korunas were silver. In 1942, zinc 5 haliers were introduced and aluminium replaced bronze in the 20 haliers. Aluminium 50 haliers followed in 1943. Silver 10 and 50 korunas were introduced in 1944. Compared to the pre-war Czechoslovak koruna, the Slovak koruna coins had an additional 50 Ks, the silver content of the 10 and 20 Ks coins was reduced from 700 ‰ to 500 ‰ and all but 5 Ks shrank in physical sizes. The designers were Anton Hám, Andrej Peter, Gejza Angyal, Ladislav Majerský and František Štefunko. Coins were minted in the Kremnica mint.
At midnight on 31 December 1992, the Czechoslovak Republic bifurcated into the Czech Republic and the Slovak Republic. In 1993, the newly independent Slovakia introduced its own koruna, replacing the Czechoslovak koruna at par. Provisional banknotes were issued in denominations of 20, 50, 100, 500, and 1,000 korún by affixing stamps bearing the coat of arms of Slovakia and the denomination to Czechoslovak banknotes. The main motifs on the obverses of the banknotes represent important people living in the territory of the present Slovakia in various historical eras. On the reverses, these motifs are completed by depicting places where these people lived and were active. Slovak banknotes denominated in koruny can be exchanged for euros indefinitely.
|National Song||"O Land of Beauty!"|
|Currency||East Caribbean dollar (XCD)|
|GDP / GDP Rank||1005 Million USD|
|GDP Growth Rate||2.7 Percent|
|GDP Per Captial||$26,849 (PPP)|
44.2% protestant4.7% catholic
Predominantly Black; Some British
Queen – Elizabeth II[γ]
Prime Minister – Timothy Harris
|Website||Go to the web|
|Public Debt||65.8 Percent|
|Unemployment Rate||5.1 Percent|
|Labor Force (Occupation)||-|