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WHEREAS the Eastern Caribbean Central Bank was established by the Eastern Caribbean Central Bank Agreement, 1983;

AND WHEREAS the Eastern Caribbean Central Bank is mandated by Article 4(3) and (4) of the said Agreement:

“to promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the Participating Governments;” and

“to actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.”

AND WHEREAS the Monetary Council at its 30th Meeting in St Vincent and the Grenadines on the 25th day of October 1996 agreed:

“That in order to facilitate the development of an area-wide Government Securities Market,

  1. the Bank will enter into an Agreement with each Participating Government to formalise its role as Fiscal Agent. The Agreement will set out clearly the nature of the relationship between the Bank and the Participating Governments in the execution of its functions as they relate to the area-wide Government Securities Market; and
  2. a Debt Co-ordinating Committee comprising officials from the Bank and Financial Secretaries from each territory will be established to discuss issues relating to the promotion of the ECCB area-wide Government Securities Market.”

IT IS HEREBY DECLARED that a Regional Debt Co-ordinating Committee (RDCC) be established in furtherance of the development of the Regional Government Securities Market.

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