ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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and practices to ensure sustainability and relevance. This led to the Bank becoming a member of The World Bank’s Reserves Advisory and Management Programme (RAMP). Access to this programme is expected to strengthen the Bank’s Foreign Reserves Management Framework. An important element of central banks’ operational effectiveness is having an effective communication strategy that could be used as a tool to help influence financial markets. Significant progress was made in this regard through the launch of some initiatives and reorganisation of traditional programmes. A weekly video programme: “ECCB Connects” was launched and the Governor engaged a cross-section of stakeholders in member states in his informational sharing, outreach visits. Flagship programmes such as the OECS Essay Competition, the ECCU Primary School Mentorship Programme, the Sir Arthur Lewis Memorial Lecture, Financial Information Month and the Annual Conference with Commercial Banks, continued to provide platforms for the Bank to disseminate information, support communities and influence thought at all levels. Central banks are complex public institutions which play a major role in the economic and financial management of all modern economies. Some of the primary functions performed include, inter alia; the execution of monetary policy, the promotion and maintenance of financial sector stability and management of a country’s foreign reserves. The ECCB was successful in delivering on those mandates during the financial year. The development and implementation of the Strategic Plan will provide the foundation for ensuring that the Bank remain relevant while developing its capacity to confront challenges in the execution of its mandate.