EC Dollar Remained Strong Over 2022-2023 Financial Year
5 July 2023, Basseterre, Saint Christopher (St Kitts) and Nevis – The EC dollar remains strong, that is according to Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine in his reflection on the work of the ECCB and regional developments for the Financial Year ended 31 March 2023.
The Governor highlighted the continued strength and resilience of the EC Dollar as one of the ECCB’s key achievements of the 2022-2023 financial year. He pointed out that “Resilience is the capacity to absorb shocks and to bounce forward, not back,” Governor Antoine said “Every shock should be leveraged to derive positive legacies.” The Bank maintained foreign reserves of over 90 percent at the end of the financial year ended March 31, 2023, well above the 60.0 per cent statutory requirement. The Governor said that the Bank’s high levels of reserves had proven to be very useful, particularly during shocks such as the pandemic.
Another key highlight was the strong recovery of the ECCU economies. He said that region-wide, the post-pandemic recovery is now well entrenched, with a projected growth rate of 5.0 per cent in 2023. That recovery propelled by a strong rebound of the tourism sector is likely to result in most of the ECCU economies returning to pre-pandemic levels by the end of this year or by next year.
For more of the Governor’s review of the 2022-2023 financial year and prospects for the ECCB and the region for 2024, view this week’s episode of ECCB Connects.
About the Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for:
Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat,
Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
Media Contact: Shermalon Kirby, Communication Specialist/Acting Director
Corporate Relations Department