British Virgin Islands

Friday, Oct 22, 2021

Doing Well! Financial Services On The Up

Doing Well! Financial Services On The Up

Premier and Minister for Finance Hon. Andrew Fahie has reported that the territory’s main revenue stream, the Financial Services industry, is performing well despite the ongoing COVID-19 pandemic.
He said during a press conference on Wednesday, May 26, 2021, that figures for the first four months of this year indicate that the sector is bouncing back.

“I am happy to report that the Financial Services sector has been performing very well in the first four months of 2021. Between January and April 2021, the Financial Services Commission (FSC) revenues has exceeded $50.6 million,” he remarked.

“It is above the $42.6 million realized in the same period in 2020 and just below the $51.1 million earned in 2019. In fact, in April 2021, the FSC generated $19.1 million compared to $11.5 million in 2020 and $15.3 million in 2019.”

The Finance Minister pointed out that “these are all positive signs for the economy and for the people of the BVI as we continue navigating through the worse pandemic in over 100 years.”

He continued: “Of course, your government is mindful that we have to be prudent in managing our expenses and our spending, and we must make careful and wise decisions to ensure that the territory gets the maximum benefit and the best value for money in whatever we do. We have to ensure that we are hitting the targets with our various programmes and initiatives.”
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