Chronological Highlights of the Organisation
2003 - 2006
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- The Monetary Council approved the establishment of a Private
Sector Consultative Group (PSCG), to allow for the inclusion
of a private sector perspective in economic policy formulation,
at the regional level. The inaugural meeting of the PSCG took
place on 10 11 July 2003 at the ECCB Headquarters in St Kitts.
- On 18 July the Monetary Council announced a 50 basis point
cut to 6.5 per cent in the discount rate as a means of signaling
to the commercial banks the Central Bank’s desire for
interest rates to fall.
- In March the final instalment was repaid on the special
facility extended by the ECCB to participating governments
to cover their liabilities to commercial banks in respect
of the special deposit requirements imposed by the respective
governments, prior to the introduction of the reserve requirement
by the Central Bank in 1984.
- On 22 July the Board of Directors agreed to the removal
of the guarantee on daily foreign exchange rates for the pound
sterling and the Canadian dollar, but directed that the Bank
provide indicative rates for the buying and selling of these
currencies to the commercial banks, and monitor the situation.
The Board also agreed that the commercial banks be mandated
to publish their foreign exchange rates.
- The Bank celebrated its 21st Anniversary on 1 October.
The staff members attended a church service at the Zion Moravian
Church and staged a staff talent concert to commemorate the
event.
- The Bank and the Eastern Caribbean Securities Exchange (ECSE)
took the lead in promoting good corporate governance standards
within the region. In March the Bank and the ECSE hosted the
2nd Caribbean Corporate Governance Forum.
- The first Deputy Governor of the Bank, Mr Errol N Allen
retired, effective 31 March, after a total of thirty-one (31)
years of distinguished service to the Bank and its predecessor
institution, the East Caribbean Currency Authority. The Monetary
Council agreed to name the building housing the Executive
Dining Room and Staff Cafeteria and Facilities at the Bank’s
Headquarters in honour of Mr Allen, in recognition of his
long and yeoman service to the Bank.
- On 1 December the Bank effected a major restructuring exercise
aimed at improving the efficiency of the organisation. A Statistics
Department was established. The Bank was divided into three
divisions, namely Policy, Operations and Administration
On 16 February, the ECCB opened the OECS/ECCU
Exhibition Centre at the Bank’s Headquarters. The
objective of the exhibition is to give tangible expression
to the concept of the ECCU domain. A photographic display
depicting the region’s unsung heroes in their daily
lives was the focal point of the exhibition.
On 1 April 2006, Mr Trevor Brathwaite assumed office as the
ECCB’s second Deputy Governor.
In April the ECCB Governor was appointed a member of the
Commission on Growth and Development created by the World
Bank. The independent high level commission is comprised of
leading practitioners from government, businesses and the
policy-making arena. Its purpose is to deepen the understanding
of economic growth for development and poverty reduction.
On 13 November the ECCB launched the book Economic Theory
and Development Options for the Caribbean – The Sir
Arthur Lewis Memorial Lectures 2996 – 2005. The
series was started in 1996 to honour the Nobel Laureate, a
pioneer of Development Economics whose picture appears on
the EC$100.00 note. |
2003 - 2006