CASTRIES, St Lucia (CMC) — Prime Minister Dr Ralph Gonsalves of St Vincent and the Grenadines has been hailed for his contribution to the Monetary Council of the Eastern Caribbean Central Bank (ECCB).

Gonsalves, one of the longest serving members of the Monetary Council has stepped down, paving the way for his son – the new Vincentian Minister of Finance Camillo Gonsalves, to take over.

The prime minister’s departure was announced at the just concluded 90th meeting of the Monetary Council in St Kitts-Nevis.

Chairman of the Authority of the Organisation of Eastern Caribbean States (OECS), Prime Minister Allen Chastanet indicated that PM Gonsalves’ tenure was characterised by sagacious advice and astute strategising that has helped to preserve the integrity and strength of the Eastern Caribbean currency.

“PM Gonsalves has the distinction of being one of the signatories of the Revised Treaty of Basseterre which was signed on the 18th June 2010 and throughout his long tenure in office he has been an anchor of OECS regional integration and a Pillar of institutional continuity in the Monetary Council,” the OECS Chairman said on Saturday.

“In his capacity as Chairman of the Ministerial Subcommittee on Insurance, Prime Minister Gonsalves led the Monetary Council response to the BAICO/CLICO Insurance situation.

“As a consequence well over $100 million have been paid to thousands of BAICO policyholders thereby bringing some much needed relief,” Chastanet observed.

The ECCB serves as a Central bank for Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, St Kitts-Nevis, Montserrat and Anguilla.