The Eastern Caribbean Central Bank (ECCB) Strategic Plan 2017-2021 is promoting a strong, diversified and resilient financial sector as a necessity and enabler for economic growth in the Eastern Caribbean Currency Union (ECCU). 

A more robust ECCU financial infrastructure and ecosystem are required to better facilitate investments, business start-up and expansion, and mitigate risks across the financial sector. 

To that end, notable financial sector initiatives which the ECCB is spearheading include:

1. Deposit Insurance
2. Eastern Caribbean Asset Management Corporation (to purchase non-performing loans) 
3. Eastern Caribbean Partial Credit Guarantee Corporation (to improve access to credit for small businesses)
4. Modernisation of the ECCU payment system
5. ECCU Credit Bureau
6. Appraisal Institute
7. Eastern Caribbean Financial Services Regulatory Commission (to regulate insurers, pension funds and credit unions); and
8. Support for the consolidation and amalgamation of indigenous banks.

The ECCB launched its Strategic Plan on 3 October. Under the them: ‘Transforming the Eastern Caribbean Currency Union Together’.  The Plan outlines a vision for the currency union and the strategic goals which the ECCB seeks to accomplish over a five-year period

The Eastern Caribbean Central Bank (ECCB) is committed to maintaining the strength and stability of the EC Dollar.

The first of the five strategic goals of the Bank’s Strategic Plan is to: “Maintain a strong and stable EC Dollar”.  The goal focuses on protecting and augmenting the currency union’s pool of foreign reserves that supports a strong and stable EC dollar.  As of 29 September 2017, the EC dollar was backed with 98.3 per cent of foreign reserves.

To support the goal of maintaining the strength and stability of the EC dollar, the ECCB’s research, policy advice and advocacy will focus on policy recommendations to build competitiveness, maximise exports, facilitate technology transfer and job creation. 

The ECCB launched its Strategic Plan 2017-2021 on 3 October 2017 under the theme: “Transforming the Eastern Caribbean Currency Union Together”.  The Plan provides the framework for the Bank to align its institutional efforts, prioritise resource allocation and measure performance against its five strategic goals and performance indicators. Ultimately, the Plan aims to raise the region’s growth and development trajectory.

The video and audio of the Governor’s presentation of Goal 1 of the Strategic Plan can be downloaded from the link below

Download link:
https://we.tl/xX0RCfp3Pn

October 2017 is Financial Information Month (FIM) in the Eastern Caribbean Currency Union (ECCU).

The FIM 2017 theme is: Retirement Planning: Making Your Golden Years Golden. The theme is geared towards sensitising the public that planning for retirement should begin from the first day of employment and continue throughout an individual’s income-earning years to ensure a good quality of life after active employment.

Financial and academic institutions, government agencies and other public and private sector bodies across the region will coordinate a number of activities throughout the month to bring into focus the realities of retirement.  The activities, which will include a Retirement Planning Symposium in each country, will provide information on actions that current and future generations of retirees need to take now to help ensure a smooth transition to retirement and that they are able to maintain a good standard of living throughout their golden years. 

Financial Information Month is a collaborative effort among the ECCU member governments, financial and academic institutions, the media, private and public sector institutions and community–based groups.  The month forms part of an ECCU financial education programme coordinated by the Eastern Caribbean Central Bank (ECCB).

The programme incorporates a series of initiatives designed to support the attainment of the goal of “a financially developed and vibrant ECCU region that fosters strong and sustainable economic growth and the improved well-being of the citizenry.”

As the Eastern Caribbean Central Bank (ECCB) celebrates its 34^th anniversary Governor, Timothy N. J. Antoine has appealed to his staff and the wider community to make the commitment to serve others.

In his address during the Bank’s anniversary church service at the Zion Moravian Church, St Kitts, Governor Antoine said that those countries that have not been affected by Hurricanes Irma and Maria have been spared to serve. Hence, the people of the region must stand ready to serve the citizens and residents of the countries within the Eastern Caribbean Currency Union who are hurting due to the impact of the hurricanes.

The ECCB was established on 1 October 1983 as the monetary authority for eight countries – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. 

The main achievement of the Bank over the years has been to maintain the strength of the EC currency and the stability of the ECCU financial system.

The Eastern Caribbean Central Bank has launched its Strategic Plan 2017-2021: Transforming the Eastern Caribbean Currency Union Together.

The Plan was launched this morning via a regional video-conference which brought together dignitaries and public and private sector representatives from across the Eastern Caribbean Currency Union (ECCU).

Governor of the ECCB, Timothy N. J. Antoine said, the Plan comes at a time when the ECCU is confronting many challenges including  low growth, high unemployment and increased severity and frequency of natural disasters.  He added that the Plan reflects the Bank’s recognition of the rapidly changing economic and financial landscape and the necessity for agility in the delivery of its financial stability and economic development mandates.

The ECCB’s Strategic Plan is also anchored to the Bank’s new mission statement:  “Advancing the good of the people of the currency union by maintaining monetary and financial stability and promoting growth and development” and seeks to achieve five goals:

1. Maintain a strong and stable EC dollar;
2. Ensure a strong, diversified and resilient financial Sector;
3. Be the advisor of choice to our participating  governments in pursuit of fiscal and debt sustainability;
4. Actively promote the economic development of our member territories; and
5. Enhance organisational effectiveness to ensure responsiveness and service excellence.

Click here to view the Strategic Plan 2017-2021.