Securities Issue on RGSM Increase

The number of securities issued on the Regional Government Securities Market (RGSM) during the first eight months of 2018 was on par with the record number of 59 recorded in 2017.

That was one of the key messages from the report on the performance of the RGSM for the period January to August 2018, presented to the Regional Debt Coordinating Committee (RDCC) at its meeting on 4 October.

The RDCC, which has direct oversight of the RGSM, recognises the increased interest of residents in the Eastern Caribbean Currency Union (ECCU) in the RGSM.  The RDCC noted that investors demonstrated strong support for government bonds as the participating governments issued six bonds in the first eight months of 2018 compared with two for the same period in 2017.

The RDCC is of the view that the increased issuance of bonds is consistent with the goals of the Medium Term Debt Management Strategy to increase the average time to maturity of the public debt which in turn reduces the risks in the debt portfolio.

The RDCC reported that government securities continue to provide an attractive option for residents seeking to increase returns and/or diversify their investment portfolios.  Over the period January to August 2018, the average rate on short term securities ranged from 2.5 per cent to 4.0 per cent, while rates on longer term securities ranged from 5.5 per cent on two-year bonds to 7.3 per cent on 10-year bonds.

The RDCC comprises senior officials from the Ministry of Finance of the eight ECCB member governments and the Governor of the Eastern Caribbean Central Bank.

Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: (869) 465-2537 | Fax: (869) 465-9562

E-mail: info@eccb-centralbank.org | Website: www.eccb-centralbank.org

ECCB Governor Named Central Bank Governor of the Year, Caribbean

Governor of the Eastern Caribbean Central Bank, Timothy N. J. Antoine has been named Central Bank Governor of the Year, Caribbean by GlobalMarkets.

GlobalMarkets is the featured newspaper for the meetings of the International Monetary Fund (IMF)/World Bank, European Bank for Reconstruction and Development, Asian Development Bank and Inter-American Development Bank.

GlobalMarkets recognises the accomplishments of the world’s outstanding policymakers during its annual awards event. Awards are presented for Finance Minister of the Year and Central Bank Governor of the Year, for each region of the world as categorised by the IMF/World Bank.

This year’s award ceremony was held on 12 October in Bali, Indonesia and formed part of the events for the 2018 Annual Meetings of the IMF/World Bank and the Commonwealth Central Bank Governor’s Meeting which Governor Antoine chaired.

In receiving the Central Bank Governor of the Year, Caribbean award, Governor Antoine said that he “humbly accepted the award in the name and on behalf of the people of the Eastern Caribbean Currency Union (ECCU), whom he had the great privilege and honour to serve”.

Governor Antoine also acknowledged the invaluable contribution of the ECCB Monetary Council, the ECCB Board of Directors and the Bank’s management and staff, stating that the award could not have been achieved without their support. The award, he said, “will really encourage us and energise us to continue the work for the people of the region and for all small states across the world”.

On return to office, Governor Antoine remarked, “the work that we do is driven by our passion to serve and make a difference, not by our desire for recognition; however, we are extremely gratified by this global recognition and prestigious award”.

Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: (869) 465-2537 | Fax: (869) 465-9562

E-mail: info@eccb-centralbank.org | Website: www.eccb-centralbank.org

CAREER OPPORTUNITIES AT THE ECCB

Suitably qualified citizens of member territories of the Eastern Caribbean Currency Union (ECCU) are invited to apply to fill vacancies at the Eastern Caribbean Central Bank headquartered in Basseterre, St Kitts.  The successful applicants will be based in St Kitts, and will be hired initially on a two (2) year contractual engagement with the opportunity to transfer to the permanent establishment based on performance.  All applicants must complete the ECCB Online Employment Application Form. 

The following vacancies currently exist at the ECCB:

1. Accounting Officer I - Responsibilities will include but not be limited to preparing and analyzing financial statements in accordance with the International Financial Reporting Standards (IFRS), preparation of management reports, assist with assessing and formulating accounting/financial reporting solutions.  Assist with research and interpretation and implementation of relevant accounting standards.
2. Audit Officer I - Responsibilities will include but not be limited to risk identification, assessment and analysis, assist with planning and conducting audits in accordance with International Audit Standards (IIA), propose practical and value added recommendations, prepare audit reports and perform consulting services to management.
3. Audit Officer II -  Responsibilities will include but not be limited to developing, planning, and executing Information Technology (IT) audit programs based on risk assessments in a highly integrated audit environment.  This includes documenting and communicating risks, providing counsel on control issues and recommended process changes, and monitoring corrective actions in order to improve the existing practices of the organisation.
4. Human Resource Officer I - Responsibilities will include but not be limited to the transactional aspects of human resource management. The successful candidate will also be engaged with all facets of the employment lifecycle from recruitment to retirement.
5. Human Resource Officer II - Responsibilities will include but not be limited to the transactional and transformational aspects of talent/performance development and management. The successful candidate will also be engaged with all facets of the employment lifecycle from recruitment to retirement.

Salary will be commensurate with qualifications and experience.

 The following documents must be submitted:

• Curriculum vitae
• Two (2) recent original letters of reference
• Certified copies of all certificates
• Official university transcript
• A recent original or certified copy of Criminal record/Police certificate of character

Supporting documents should be sent to:

Human Resource Department

Eastern Caribbean Central Bank

P O Box 89, Bird Rock

BASSETERRE

St Kitts

To reach no later than 19 October 2018

Notes: 1. Only candidates shortlisted for the selection process will be contacted; 

            2. Shortlisted candidates will be required to undertake various assessments.

 Click here for to view the details of each vacancy.

October is Financial Information Month in the Eastern Caribbean Currency Union.

The theme for Financial Information Month (FIM) is: Financial Empowerment Through Education.  FIM is a regional financial, economic, business and entrepreneurial education campaign that has been executed in the Eastern Caribbean Currency Union (ECCU) since 2002.  The month forms part of an ECCU financial and economic education programme which the ECCB coordinates in collaboration with ECCU member governments, financial and academic institutions, the media, other private and public sector institutions and community-based groups. 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.”

The area of focus for FIM 2018 is: Conducting and Protecting Your Business in a Digital Environment.  The activities will concentrate on the following sub-themes:

• From standing in line to going online – providing information about online services offered by financial institutions and other agencies e.g., government e-services;
• New Currency: Cryptocurrency, Bitcoins, Digital Wallets…Are We Ready? – examining the required infrastructure, impact on the ECCU payments system, legal framework requirements/implications, regulation and supervision;

• Cyber security: use strong protection every time – advising the public on how to protect themselves from identity theft, online fraud and the proper use of ATMs; and
• Restructuring and transforming your business to take advantage of opportunities in the digital environment – highlighting how businesses can use technology to advance their operations, the importance of intellectual property rights for producers of digital works, how artistes/artisans can reap maximum financial gains from creative work.

Check the FIM Facebook page for daily updates on the activities taking place across the Eastern Caribbean Currency Union: https://www.facebook.com/FinancialInformationMonthECCU/ 

 -30-    

 Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: (869) 465-2537 | Fax: (869) 465-9562

E-mail: info@eccb-centralbank.org | Website: www.eccb-centralbank.org

Today (1 October), the Eastern Caribbean Central Bank (ECCB) is celebrating 35 years of existence, 35 years of service and, most importantly, 35 years of monetary stability.

We offer a high note of praise to Almighty God for His greatness and goodness.  Indeed, “it is in Him, we live and move and have our being” (Acts 17:28, NIV).

We also thank the people of our beloved region for their unwavering support.

Today, we reaffirm that our EC dollar is strong, 98 per cent backed by foreign reserves. This means for every dollar in circulation, we have 98 cents in foreign reserves.  Our monetary union commands global respect; engenders confidence; helps deliver relatively low inflation; and encourages foreign direct investment as there are no foreign exchange controls.

The ECCB is both a powerful symbol and expression of what we as small countries can do when we come together. The ECCB is a timeless testimony of our capacity to craft arrangements for ourselves that work in our best interests.

We seize this opportunity to pay tremendous tribute to the founders and framers of our monetary union.  We acknowledge the role of members of our Monetary Council and Board of Directors (past and present). I hail the colossal contribution of my predecessors: the late Sir Cecil Jacobs and Honourable Sir K Dwight Venner.  I also recognise our first Deputy Governor, Sir Errol Allen and our current Deputy Governor, Mr Trevor Brathwaite. 

We applaud our management and staff (past and present) including our retirees. We record our gratitude to all partners (local, regional and international).

Every October, we celebrate Financial Information Month (FIM). Our focus this year is on Conducting and Protecting Your Business in a Digital Environment.  I therefore encourage you to check out our events which include financial fairs, radio quizzes and business symposia on cryptocurrency and other digital developments.

As we commence our next 35 years of service, we will continue to work assiduously for the good of the people of the Eastern Caribbean Currency Union (ECCU).  Our strategic plan makes pellucidly clear our intent to pursue socio-economic transformation of the Eastern Caribbean. To this end, we are fortified in the knowledge that we can achieve so much when we embrace common cause and take collective action. 

Happy Anniversary!