Banking Regulation Updates in Saint Pierre and Miquelon (2022)

Saint Pierre and Miquelon, a self-governing territorial overseas collectivity of France, has introduced significant banking regulation updates in 2022 to strengthen the financial sector’s stability, improve consumer protection, and enhance transparency.

Background Information

According to latest figures from UNCTADstat, Saint Pierre and Miquelon has a population of approximately 0.006 million, with a land area of 230 square kilometers. The country’s exchange rate has stabilized, with an exchange rate of 0.950 EUR/US$.

Key Highlights from the Banking Regulation Updates

Merchandise Trade Growth

• Exports grew by 8% in 2022, while imports increased by 14%.
• The merchandise trade balance recorded a deficit of -105 million US dollars.
• France remains the top trading partner for Saint Pierre and Miquelon, accounting for 65.9% of total exports.

International Trade in Services

• Services exports have yet to be reported.
• Services imports remain negligible.

Strengthening Financial Sector Stability

The updates focus on strengthening financial sector stability by introducing new regulations aimed at reducing risk-taking and improving liquidity management.

Enhancing Consumer Protection

Consumer protection measures have been enhanced to safeguard customers’ interests.

Economic Growth

In related news, Saint Pierre and Miquelon’s economy has shown signs of growth, with GDP per capita increasing by 2% in 2022. The country’s current account balance also recorded a surplus of 1.5% of GDP.

Conclusion

The updates are part of the government’s efforts to promote sustainable economic development and ensure financial stability in the face of global uncertainty.

For Further Information

For further information on Saint Pierre and Miquelon’s banking regulation updates, please visit UNCTADstat at http://unctadstat.unctad.org.