Sofi Bank, NA approved on condition that it doesn’t play in the cryptocurrency space …

Released 18 January 2022

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. As part of the transaction, SoFi Bank, N.A. will acquire Golden Pacific Bank, National Association, a national bank insured by the Federal Deposit Insurance Corporation.

Upon consummation of this transaction, SoFi Bank, N.A., will have $5.3 billion in total assets and $718 million in capital at the end of the first year of operation, and will continue to offer a range of local commercial-focused loan offerings and deposit products previously offered by Golden Pacific. The bank will also provide a fully digital, mobile-first national lending platform for consumers across the country. The conditions imposed require specific capital contributions, adherence to an Operating Agreement, and confirmation that the resulting bank will not engage in any crypto-asset activities or services. In addition, the parent company of SoFi Bank, N.A., SoFi Technologies, has applied to the Federal Reserve to become a bank holding company and therefore subject to consolidated supervision.

“Today’s decision brings SoFi, a large fintech, inside the federal bank regulatory perimeter, where it will be subject to comprehensive supervision and the full panoply of bank regulations, including the Community Reinvestment Act. This levels the playing field and will ensure that SoFi’s deposit and lending activities are conducted safely and soundly, including limiting the bank’s ability to engage in crypto-asset activities,” Acting Comptroller Hsu said. “This action is consistent with the comprehensive legal and policy review of pending licensing decisions I initiated last May, and our work with other federal and state regulators to develop a coordinated approach to modernizing the federal regulatory perimeter. Like every other national bank we supervise, the OCC will require SoFi Bank, N. A., to be adequately capitalized, have strong risk management programs, policies and procedures in place, and provide fair treatment to its customers.”

Source: Office of the Comptroller of the Currency

No surprises out of Powell’s nomination hearing …

The real economy isn’t supposed to support everyone. It is supposed to employ an optimal number of employees that produce the most income at the least cost for the individuals investing the capital. This is my response to the expected drivel coming out of U.S. Senator Sherrod Brown, Democrat of Ohio, during today’s hearing on the re-nomination of Jerome Powell as chairman of the Board of Governors of the Federal Reserve. Senator Brown in his opening statement expressed his concern that Wall Street banks were enjoying over a decade of high profits while individuals on Main Street were facing the threat of unemployment and rising inflation.

Senator Elizabeth Warren’s line of questioning followed a similar vein to Mr Brown, although the Massachusetts Democrat seemed to go all in on “corporations” versus her usual culprits, the banks. Mr Powell probably determined it was best not to interrupt Mrs Warren by pointing out that the Board of Governors has oversight of banks and not your run-of-the mill corporations. Silence is best. Let her ramble on. Besides, Mrs Warren was likely on a stage of satisfaction having her favorite Fed governor (Lael Brainard) as nominee for the Board’s vice-chair, thus having an embedded check on a “dangerous man” (Warren’s words) in the form of Mr Powell.

If any topic out of the Senate was going to peak trader interest, it would be the topic of inflation. Politically, about a third of the Senate would love to have the ability this election year to say that they did something about inflation, but the Senate along with the House of Representatives, punted away their constitutional power over coin and commerce over a century ago. Although Senator Richard Shelby, Republican of Alabama, and Senator Jack Reed, Democrat of Rhode Island, raised the issue of inflation and the Federal Reserve’s policy timing to address it, none of the senators offered policy recommendations or hinted at legislation designed to mandate requirements for addressing inflation. A number of senators acknowledged the Federal Reserve’s dual statutory mandate of bringing about price stability and generating full employment, but that was the extent of serious discussion on inflation.

In just under 14 hours from this writing, the US Bureau of Labor Statistics will issue its year-over-year estimate on overall inflation. Consensus forecast is at seven percent, relatively in line with last month’s annualized rate of 6.8%. While I don’t do market analysis here, I expect that after the inflation print, the morning will be filled with banter on whether the Federal Reserve will have three rate increases or even four.

Otherwise, Mr Powell will be advanced from the Senate banking committee to the full floor of the Senate where he will likely see his nomination approved. He will likely look more hawkish. He may not have a choice if tomorrow’s number ends up being what we expect.

And as for the usual drivel on the economy and the working man, the inflation number will provide the usual fodder for campaign messaging.

Alton Drew

11.01.2022

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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

Will the Fed decrease the supply of currency for trade?

A review of the minutes from the Federal Open Market Committee meeting last month left me with the impression that the Federal Reserve will be ready to raise its overnight rate on interbank loans (the fed funds rate) in June of this year versus waiting until 2023. Board members and other FOMC participants see a strong economic outlook for the US along with higher inflation and tighter labor markets. While the “taper” word has for the most part gone the way of the other t-word, “transitory”, both concepts are still integral to Federal Reserve monetary policy over the next year.

By the middle of this month, the Federal Reserve is expected to purchase $40 billion of Treasury securities and $20 billion of agency mortgage-backed securities in part to maintain a smooth transition to a run-off of its balance sheet. The FOMC made clear in its minutes that the fed funds rate was still its primary monetary policy tool for achieving full employment and stable prices. The fed funds rate provides the Federal Reserve with more outcome certainty as opposed to additions to or subtraction from its balance sheet.

The FOMC also noted that during the period between its last two meetings, there were no attempts at intervening in the foreign currency markets as part of any dollar-support policy.

Touching on currency supply for a minute, the fourth quarter of 2021 saw the supply of US currency in circulation increase by 1.48% while the dollar index increased by 1.97%. I raise this merely as an interesting point given that an increase of currency in this instance may have been accompanied by a greater increase in demand by foreign and domestic customers.

In my opinion, there should be no surprise about a decrease in currency supply over the next twelve months. The fed funds rate will increase likely along with an increase in the amount of cash member banks are required to keep on reserve with the Fed. Less money in the system will lead to increases in interest rates. Increases may likely lead to increased yields making US bonds attractive.

People interested in retail forex trade should be mindful of brokers not on the up and up. Volatility and the size of the retail market is like blood in the water for less than scrupulous brokers selling you a pipe dream. Make the new year a great one.

Alton Drew

6.01.2022

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Disclaimer: The above is provided for informational purposes and should not be construed as financial or legal advice or as creating an agreement to provide financial or legal advice.

Toward Public Policy Support for High-value Trade

21 August 2021

I prefer a society that is biased toward trader/merchants; where one lives on the spread and retains the majority of her earnings.  Wage earning is a fancy term for slavery where many in the labor market are subjugated to selling a precious commodity over which they have illusionary control: time.

The irony is that what one earns for their time is inversely related to the wealth of knowledge they have amassed over time.  Unfortunately for the wage earner, the valuation of their labor is made not by the ultimate end user of their product but by the middle man corporation that employs them.  Rather than selling time to the corporation, time should be another input that labor uses to create and sell their product.

Today’s technology makes such a self-ownership approach increasingly feasible depending on the wage earner’s vocation.  Some of us can transition from wage earner to merchant due to digitalization and that sector of the information/knowledge/problem solving industry that we sit in.  So used are we to selling time that we must now start to think of the utilities, database subscriptions, and equipment costs incurred in producing an information product and sell that product at a sufficient margin; to live via the “carry trade.”

The trader wants a profitable balance sheet, one where she has a healthy surplus.  Bankers that provide liquidity to traders also want traders to enjoy a profitable balance sheet because it assures repayment of leverage.

But bankers also want to fund activities generating high returns and I think to ensure that traders are disciplined enough to seek out information on high return activity, banks will want to assess higher interest rates and other margin requirements in order to weed out low-return low value activity.  The Federal Reserve could encourage high-value search behavior by increasing the fed funds and discount window rates.  The Federal Reserve could also start driving up rates by unwinding its monthly purchases of $120 billion in US Treasury and agency-backed mortgage securities.

Higher rates will encourage living on the spread and the seeking of higher returns.

For a consultation on any regulatory or legislative discussions or announcements, please reach out to us at altondrew@altondrew.com for information on consultation rates and to reserve an appointment.

Interbank Market News Scan: Banks as currency agents, foreign exchange, Federal Reserve

The Publisher’s Note: Banks as currency agents …

Banks should think of themselves as the private sector currency agents of the State.  The currency encapsulates the economic, commercial, and social value of a political economy.  A State-issued currency ties the State’s citizens to a particular value system while providing a mechanism that accounts for a citizen’s wealth and serves the citizen as a medium of exchange for goods and services, including the payment of taxes to the State.

Banks help distribute State-issued currency primarily through the creation of credit.  Banks are a “port of call” for currency; receiving deposits from its customers, capital from its investors, and placing State-issued Treasurys, underwritten by the central bank, into its investment portfolio.  Banks issue loans to their customers creating money in the process.  This money can be deposited at other banks or used by consumers or businesses for purchases.  The fees for financial services provided to consumers and the interest earned from lending to end users and producers provide the banks with income that, along with the income generated by businesses financed by banks, can be taxed by the State.

The fallout from the 2007-2008 financial meltdown has created a narrative that banks are entities separate from the State; private sector “bad boys” whose reckless behavior from creating financial instruments doomed to perform poorly caused people to lose jobs and credit to freeze.  The narrative had citizens questioning why these misbehaving banks received bailouts from the U.S. government while ordinary citizens had to bear the brunt of the rippling effects throughout the economy. 

The answer is simple.  Selling debt instruments and earning fees for placing these instruments into the hands of investors part of the implicit agreement between the State and the banks as currency agents.  Even as elected officials such as Senator Elizabeth Warren, Democrat of Massachusetts and Senator Bernie Sanders, Independent of Vermont, argue for increased regulation of America’s larger banks, the truth of the matter is that dismantling the mechanisms of banking would be too costly to the State’s currency distribution system.  The State would have to re-write its laws to support an alternative system and for all the noise against the current system, seems to be in no rush to replace it.    

Links to follow …

Interbank. Orum, which aims to speed up the amount of time it takes to transfer money between banks, announced today it has raised $56 million in a Series B round of funding. https://techcrunch.com/2021/06/29/orum-raises-56m/

Interbank. The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, increased 38.2 basis points to 2.177 percent Wednesday. http://www.china.org.cn/china/Off_the_Wire/2021-06/30/content_77597450.htm

Foreign exchange. The Central Bank of The Bahamas says the restrictions placed on foreign exchange outflows at the onset of the economic crisis caused by the COVID-19 pandemic will end this week. https://www.nycaribnews.com/articles/foreign-exchange-restrictions-eased-in-bahamas/

Central banks. Investment decisions over the next three months will be influenced by forward guidance from central banks, according to global fund managers in Reuters polls who recommended increasing equity exposure and lowering bond holdings in June. https://finance.yahoo.com/news/funds-eye-central-banks-guidance-124802638.html

Central banks, Federal Reserve. “[D]eveloping a CBDC could, I believe, pose considerable risks.”—Randal Quarles. https://www.federalreserve.gov/newsevents/speech/quarles20210628a.htm

Banks as currency agents …

Banks should think of themselves as the private sector currency agents of the State.  The currency encapsulates the economic, commercial, and social value of a political economy.  A State-issued currency ties the State’s citizens to a particular value system while providing a mechanism that accounts for a citizen’s wealth and serves the citizen as a medium of exchange for goods and services, including the payment of taxes to the State.

Banks help distribute State-issued currency primarily through the creation of credit.  Banks are a “port of call” for currency; receiving deposits from its customers, capital from its investors, and placing State-issued Treasurys, underwritten by the central bank, into its investment portfolio.  Banks issue loans to their customers creating money in the process.  This money can be deposited at other banks or used by consumers or businesses for purchases.  The fees for financial services provided to consumers and the interest earned from lending to end users and producers provide the banks with income that, along with the income generated by businesses financed by banks, can be taxed by the State.

The fallout from the 2007-2008 financial meltdown has created a narrative that banks are entities separate from the State; private sector “bad boys” whose reckless behavior from creating financial instruments doomed to perform poorly caused people to lose jobs and credit to freeze.  The narrative had citizens questioning why these misbehaving banks received bailouts from the U.S. government while ordinary citizens had to bear the brunt of the rippling effects throughout the economy. 

The answer is simple.  Selling debt instruments and earning fees for placing these instruments into the hands of investors part of the implicit agreement between the State and the banks as currency agents.  Even as elected officials such as Senator Elizabeth Warren, Democrat of Massachusetts and Senator Bernie Sanders, Independent of Vermont, argue for increased regulation of America’s larger banks, the truth of the matter is that dismantling the mechanisms of banking would be too costly to the State’s currency distribution system.  The State would have to re-write its laws to support an alternative system and for all the noise against the current system, seems to be in no rush to replace it.     

Interbank Market News Scan: Federal Reserve, foreign exchange, central banks …

28 June 2021

Links to follow ….

Interbank. China is taking another step to loosen its capital controls and in the process is giving onshore investors greater access to a previously hard-to-reach bond market.  https://www.bloomberg.com/news/articles/2021-06-27/how-china-is-cracking-a-window-for-its-bond-investors-quicktake?sref=oriheOus

Interbank. Only half of loan investors believe their instruments have robust fallback language designed to ensure a smooth transition from the London interbank offered rate, according to a recent survey from Barclays Plc. https://www.bloomberg.com/news/articles/2021-06-25/libor-fears-persist-for-loan-market-with-six-months-to-deadline?sref=oriheOus

Foreign exchange. Deutsche Bank AG compensated a Spanish company for losses the firm made after purchasing foreign-exchange derivatives from the German lender, people familiar with the matter said. https://www.bloomberg.com/news/articles/2021-06-28/deutsche-bank-compensates-firm-over-fx-derivatives-mis-sales?sref=oriheOus

Central banks. They spent 2020 uniting to fend off a historic recession, but central banks are slowly starting to take different paths in 2021. https://www.bloomberg.com/news/newsletters/2021-06-28/what-s-happening-in-the-world-economy-peak-central-bank-stimulus?sref=oriheOus

Central banks. Inflation is now an “influencer” of the Fed and the other central banks, but no more than that. The real question is how the central banks will respond to it, if at all, past their public comments. https://seekingalpha.com/article/4436858-central-banks-claim-check

Central banks, Federal Reserve. The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved by the Small Business Administration through the June 30 expiration of the PPP program. https://www.federalreserve.gov/newsevents/pressreleases/monetary20210625a.htm

U.S. Senate Committee on Banking, Housing, and Urban Affairs. Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Committee Chairman Sherrod Brown (D-Ohio) applauded the bipartisan House passage of their resolution to repeal the Trump Administration’s so-called True Lender Rule through the use of the Congressional Review Act. This regulation, finalized in the last months of the prior Administration, allows predatory lenders to skirt state laws meant to curb interest rates on loans and opens the doors for these lenders to prey on vulnerable consumers. The legislation now heads to the President’s desk for signature.  https://www.banking.senate.gov/newsroom/majority/house-passes-van-hollen-brown-legislation-to-strike-down-trump-era-rent-a-bank-rule-sending-it-to-the-presidents-desk

U.S. House Committee on Financial Services.  This week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement on the House floor urging the passage of Senate Joint Resolution 15, a resolution that invalidates the Trump Administration’s “True Lender” rule. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408055

Interbank Market News Scan: Eastern Caribbean, foreign exchange, banks …

Links to follow …

Banks. The stock market has been volatile, but it’s been a very solid year on -— and for — Wall Street. https://www.cnn.com/2021/06/21/investing/bank-stocks-economy/index.html

Banks.  Bitcoin has fallen below $30,000 for the first time in more than five months, hit by China’s crackdown on the world’s most popular cryptocurrency. https://news.yahoo.com/china-tells-banks-stop-supporting-044021987.html

Eastern Caribbean Central Bank-interest rates

ECCB Fixed Deposit Rate-1 month0%
ECCB Fixed Deposit Rate-2 months0%
ECCB Fixed Deposit Rate-3 months0%
ECCU (1) Minimum Savings Deposit Rate2%
ECCB Discount Rate2%
Source: Eastern Caribbean Central Bank
  • (1) Eastern Caribbean Currency Union

Eastern Caribbean Securities Exchange

Bank share prices as of 22 June 2021

The Bank of Nevis Ltd.$3.75
Bank of St. Vincent and the Grenadines$6.70
East Caribbean Financial Holding Company Ltd$4.00
Grenada Co-operative Bank Ltd.$8.88
Republic Bank (Grenada) Ltd.$45.00
St. Kitts Nevis Anguilla National Bank Ltd.$2.80
Source: Eastern Caribbean Securities Exchange

Foreign exchange rates of interest

Currency PairsRates as of 1:15 am AST 23 June 2021
XCD/EUR0.3109
XCD/GBP0.2662
XCD/USD0.3704
XCD/CAD0.4577
XCD/NGN152.0730
XCD/CNY2.3974
XCD/PLN1.4063
XCD/PEN1.4522
Source: OANDA

Interbank Market News Scan: How will G7, NATO impact China-Caribbean trade relationship; foreign exchange …

15 June 2021

News from the Eastern Caribbean Securities Exchange

On 28 June 2021, the Government of St. Lucia will auction a 180-day Treasury bill estimated to raise ECS$10 million.  The Bank of St. Lucia and First Citizens Investment Services are the broker firms.

Food for Thought: On China and the Caribbean

The NATO and G7 meetings held one thing in common other than the membership of a number of rich industrialized countries: China.  While the NATO meeting fell short of calling China an “adversary”, the consensus, especially among the leading industrialized nations, is that China, at a minimum, is a competitive economic threat.

One example of its economic threat is Huawei, a Chinese telecom equipment provider accused of ties to the Chinese military.  Huawei provided less expensive telecom equipment to Europe in direct competition with American telecom equipment providers.  The United States, which banned use of Huawei equipment from its telecom networks, chided its European allies for allowing a threat to privacy via Huawei equipment.  Turning a back on Huawei expectedly gives US companies a wider door to enter through into European markets.

It may be too early to determine the impact on the Caribbean a widening rift between China and the US may present.  By our estimate, using CIA data, at least 12 Caribbean countries have a trading relationship (import only, export only, or both) with China.  Whether the Caribbean will tack away from a relationship with China as a result of moves made by the G7 or NATO remains to be seen.

 Import-Export relationship between CARICOM nations and China

Source: CIA World Factbook

CountryImport from ChinaExport to China
St. LuciaNoNo
Trinidad and TobagoYes (USD366 million)Yes (USD595 million)
SurinameYes (USD168 million)No
St. Vincent and the GrenadinesYes (USD23.7 million)No
MontserratNoNo
GuyanaYes (USD8 million)No
GrenadaYes (USD16 million)No
DominicaYes (USD12 million)No
BelizeYes (USD11 million)No
BarbadosYes (USD136 million)No
Antigua and BarbudaYes (USD39 million)No
The BahamasNoYes (USD33 million)
Cayman IslandsNoNo
HaitiYes (USD795 million)No
St. Kitts and NevisNoNo
JamaicaYes (USD804 million)No
British Virgin IslandsNoNo
Turks and CaicosNoNo
BermudaNoNo
AnguillaNoNo

Foreign exchange rates of interest

Source: OANDA

Currency PairsRates as of 11:15 am AST 15 June 2021
XCD/EUR0.3057
XCD/GBP0.2625
XCD/USD0.3704
XCD/CAD0.4500
XCD/NGN152.3900
XCD/CNY2.3692
XCD/PLN1.3776
XCD/PEN1.43619

Links to follow ….

Caribbean Development. A high-level panel of government and business leaders will explore the impacts of the COVID-19 pandemic on the Caribbean in the opening seminar of the Caribbean Development Bank’s (CDB) 51st Annual Meeting. https://www.caribank.org/newsroom/news-and-events/cdb-annual-meeting-seminar-discuss-policies-economic-recovery-covid-19-and-more-resilient-caribbean

Interbank. China’s interbank treasury bond index in net price opened at 982.99 points Tuesday, lower than the previous close of 983.65 points, according to the China Foreign Exchange Trade System. http://www.china.org.cn/china/Off_the_Wire/2021-06/15/content_77568539.htm

Interbank. The Korea Interbank Offered Rates (KORIBOR) as posted by Yonhap Infomax, the financial news and information arm of Yonhap News Agency, at 11:00 a.m. https://en.yna.co.kr/view/AEN20210615004100320

Banks. Billionaire investor Mark Cuban is very bullish on the future of DeFi, or decentralized finance, and DAOs, or decentralized autonomous organizations. https://www.cnbc.com/2021/06/14/mark-cuban-banks-should-be-scared-of-defi.html

Interbank Market News Scan: Payments, remittances; Banks increasing hiring in Hong Kong

Links you should follow ….

Interbank. China Development Bank has issued US$2bn of domestic US dollar bonds in China’s interbank market, its first such issuance in six years, according to a statement on its website. https://www.nasdaq.com/articles/cdb-prints-first-domestic-usd-bonds-in-six-years-2021-06-04

Interbank. The People’s Bank of China, the central bank, has urged commercial banks to abandon the London Interbank Offered Rate for dollar-denominated loans having a floating-rate benchmark. http://global.chinadaily.com.cn/a/202106/03/WS60b82ddca31024ad0bac34a6.html Remittances. Moroccans residing abroad (MREs) have sent back nearly $3.3 billion (MAD 28.8 billion) in remittances in the first four months of the year.  https://www.moroccoworldnews.com/2021/06/342716/morocco-sees-45-3-increase-in-remittances-in-first-quarter-of-2021

Banks. The pace of interest rate hikes by emerging market central banks slowed in May as policy makers in developing nations face uneven economic recoveries from the COVID-19 pandemic.  https://www.reuters.com/article/emerging-rates/graphic-grinding-higher-emerging-market-central-banks-raise-rates-in-may-idUSL5N2NM29S

Banks. If you’ve looked at your savings account statement recently, you may have noticed a lower interest rate than you were expecting. Perhaps as low as 0.06%. This is not a typo. https://www.forbes.com/sites/forbesfinancecouncil/2021/06/04/why-digital-banks-offer-higher-interest-rates-on-savings-accounts/?sh=325769ed6ccc

Banks. Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it. https://www.reuters.com/business/finance/banks-bulk-up-hong-kong-china-business-overshadows-politics-2021-06-03/

Payment systems. The United States’ restaurant delivery marketplace seems like a complex tangle of emerging and incumbent delivery services, technological platforms and payment methods, but it has nothing on Europe’s. https://www.pymnts.com/restaurant-innovation/2021/limonetik-on-how-payment-methods-can-make-or-break-food-marketplaces-international-expansion/

Payment systems. Russia’s central bank governor, Elvira Nabiullina, has said for CNBC that digital currencies will be the future of financial systems, as the economy moves online. https://thepaypers.com/payments-general/the-digital-rouble-could-help-russia-bypass-the-swift-banking-payment-system–1249437

Foreign exchange rates of interest, 30-day trading range; 5 May 2021 to 4 June 2021

Source: OANDA

Currency PairsRates as of 11:20 am AST 4 June 2021Rates as of 10:30 am AST 5 May 2021Percentage Change
XCD/EUR0.30340.3085-1.7%
XCD/GBP0.26190.2664-1.7%
XCD/USD0.37040.3704flat
XCD/CAD0.44730.4548-1.6%
TTD/EUR0.11910.1206-1.2%
TTD/GBP0.10230.1041-1.7%
TTD/USD0.14490.1448flat
TTD/CAD0.17500.1778-1.6%
GYD/EUR0.00380.0038flat
GYD/GBP0.00330.0033flat
GYD/USD0.00460.0046flat
GYD/CAD0.00560.0056flat

For the period 5 May 2021 to 4 June 2021, the Eastern Caribbean saw a continued fall in exchange rates between the European Union (-1.7%); Great Britain (-1.7%); and Canada (-1.6%).  The XCD is pegged to the U.S. dollar and for that reason remained flat.

The Trinidad and Tobago dollar saw its price fall over the same period in terms of the euro (-1.2%); the pound (-1.7%); and the Canadian dollar (-1.6%).  The U.S. dollar price for the TTD remained flat over that period.

The euro, dollar, pound, and loonie rate of the Guyanese dollar remained flat during the 5 May 2021-4 June 2021 period.