MCCU Annual Report - page 34

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
34
The Government took decisive steps to turnaround the struggling economy when it entered
into an Extended Fund Facility (EFF) with the IMF during the year. Over the four-year period
of the programme, the country must achieve crucial tax reform, control the cost of the public
sector, reduce the debt and balance the budget. Various legislations have been passed to
ensure that the country maintain strict discipline in its spending habits and consequently live
within its means.
The country successfully passed the first three IMF reviews and has obtained marginal but
well needed growth in GDP for the last two quarters of 2013. Notwithstanding these positive
developments, the exchange rate continued to decline as shown on the following Graph. The
rate of devaluation of the local currency was a sharp 14% for the calendar year. The worrying
slide in the Dollar; the rise in unemployment as well as the relatively low investor confidence
are firm indicators that the road to sustainable economic recovery has been a bumpy one.
The Manchester Co-operative Credit Union, amidst the economic challenges and fierce
competition, was once again able to produce favourable results during the financial year,
as outlined in this report. Of note was the achievement of adequate surplus to meet the
Treasurer’s Report
For Financial Year Ended
December 31, 2013
Introduction
Exchange Rate Movement in 2013
month
exchange rate ($)
J
90
95
100
105
110
F M A M J
J
A S O N D
I...,24,25,26,27,28,29,30,31,32,33 35,36,37,38,39,40,41,42,43,44,...126
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