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The Eastern Caribbean Central Bank Agreement Act was passed
into law by the eight Participating Governments. The Schedule
to the Act contains an agreement made on July 5 1983 by seven
member governments and acceded to by the Government of Anguilla
on 1st April 1987. This Agreement provides for the establishment
of the Eastern Caribbean Central Bank, its Management and Administration,
its Currency, Relations with Financial Institutions, Relations
with the Participating Governments, Foreign Exchange Operations,
External Reserves and other related matters.
The Bank is described in Article 3 as a body corporate having
perpetual succession with powers to, inter alia, regulate
banking business on behalf of and in collaboration with participating
governments. Its stated purposes include the promotion and
maintenance of monetary stability and the promotion of a sound
financial structure conducive to the balanced growth and development
of the economies of Participating Governments.
The highest decision-making body of the Bank is the Monetary
Council comprising eight members, each of whom is a Minister
of Government from each of the Participating Governments.
The Monetary Council provides directives and guidelines on
matters of monetary and credit policy to the Bank.
The Board of Directors is responsible for the policy and
general administration of the Bank. Its meetings are presided
over by the Governor who is the Chief Executive Officer of
the Bank. The Governor is also responsible for the implementation
of policy and the day-to-day management of the Bank.
The Bank is designated in Article 25 as the depository of
the external assets of the Participating Governments. It also
operates as the banker, fiscal agent of and adviser to the
Participating Governments on monetary and financial matters.
It has the sole right to issue currency notes and coins in
the territories of the Participating Governments and may withdraw
from circulation any currency issued or deemed to be issued
by it.
Certain immunities and privileges are bestowed on the Bank
by Article 50. It enjoys immunity from every form of judicial
process unless it waives this immunity. The property and assets
of the Bank are immune from search, requisition, confiscation,
expropriation or other from of seizure. The Governor, Deputy
Governor, Directors, officers and employees of the Bank also
enjoy certain privileges and immunities under the Agreement.
Any Participating Government may withdraw from the Agreement
by giving written notice of its intention to do so. The Monetary
Council may terminate the operations of the Bank by resolution
adopted by a two-thirds majority of its members.
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