BVI’s financial services will surpass 2019’s pre-pandemic performance
The territory’s financial performance is expected to surpass that of 2019—the year immediately before the global pandemic set in and wreaked havoc on the global economy.
“The year 2022 opened with a very confident financial performance. For every month of Quarter One (Q1), 2022, new incorporation figures were similarly as healthy as last year and importantly, surpassed those of 2019 before the COVID-19 pandemic began to affect the territory,” Premier Dr Natalio Wheatley disclosed in the House of Assembly yesterday.
Premier Wheatley said the BVI’s new incorporation figures up to March 2022 stood at 8,075 — a 4.4 percent increase over the same period in 2021.
According to the Premier, for each month of Q1, the total amount of revenue exceeded that of the same month last year.
He said this was based on monthly fee collection statements received from the Financial Services Commission (FSC).
According to the Premier, there was a 9.9 percent growth in fees collected by the FSC over the same period in 2021. However, for Q2, the trend displayed a less robust performance. The Premier said this was both when compared to last year and to pre-pandemic 2019.
Premier Wheatley said an analysis of this is currently ongoing, but preliminary indications suggest that this might be due to a number of factors.
Among those likely reasons was the long-term UK and European sanctions on Russian businesses and individuals, uncertainty of the impact of political and economic tensions between China and the US on international trade, and business uncertainty due to global inflationary pressure, the Premier said
Impressive recovery
Overall though, Premier Wheatley said the recovery from pandemic years has been impressive.
In 2021 the territory’s international business, financial services and regulatory sector generated more than $222 million in revenue for the territory based on the year-end collection statement from FSC.
According to the Premier, the sectors continue to play a very important role in the global economy by streamlining cross-border trade and investment.
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THE BVIFS NEED TO LOOK AT THESE BANKS CLOSELY,CUSTOMER SERVICE IS VERY POOR. WE NEED MORE BANKS IN THE BVI. LOOKS LIKE ALL THE BANKS IN BVI CONNOT HANDLE THE WORKLOAD OF A POPULATION OF 30,000.
NEW HAVEN BANK WOULD LOVE TO OPERATE HERE, THEY HAVE SOME VERY INOVATIVE PRODUCTS THAT THE PEOPLE OF THE BVI WOULD LOVE TO HAVE.
Of course it went up.
There are many oligarchs, criminals, arms dealers, corrupt officials and tax dodgers who need us in these uncertain and difficult times.
Thank god we are here to help bad guys everywhere to disappear their money down rabbit holes no one will ever find.
Spare the lecture, ‘experts’. Despite all your detailed reasons why we’re doing nothing wrong, you know better than anyone that this what the BVI specializes in and always has.
The robes of holiness you’ve dressed our financial services in is a distraction.
Kind of like that corrupt bishop with a large and loyal following. Almost believable, but clearly up to no good.
You must not be writing that from here… I’m sure you are in your own country and responding where you are receiving legitimate funds.
Is everything in the BVI ill gained?
All who come and stay and compl
Of course it went up. That bothers you. Sorry you are not living here to benefit from it . I know that you are not one of the thousands of persons who come and live and dwell here and know that we are receiving I’ll gained funds and still residing among a corrupt people.
You must be well involved in your government, wherever you are. . keeping it from doing corrupt deeds.
If you are not, head out and do so, if you are here you knew or should have known about the BVI. You keep working and sending your money home. Strupps..tired…the only corrupt country and everyday immigration office full? What’s wrong with this picture. Leave this corrupt country and if you are writing from your homeland… don’t come here
.
It makes sense that you make no sense.
That’s the only way we here can deal with our reality. Pretend. Ignore facts. Believe nonsense. Otherwise we’d have a lot of painful self reflection to do.