ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

In 2017/2018, we sought to be more innovative, develop strong leaders and managers, enhance the competence of staff, and make our community engagement more meaningful and effective. In our quest to maintain a strong and stable EC dollar, we revised the reserve management framework. At the same time, we made the case for the use of polymer as the substrate for the EC banknotes, to increase their security and durability. Globally, even as authorities were working to manage challenges tofinancial stability,wepushed to strengthen the supervisory framework for licensed financial institutions and improve the payments infrastructure. We took note of and engaged in the global discussion surrounding disruptive technologies, and towards the end of the 2017/2018 financial year, signed a Memorandum of Understanding with Bitt Inc. to conduct a financial technology (FinTech) pilot to ascertain the suitability of blockchain technology to support the goals of the Strategic Plan. We also focused on fiscal and debt sustainability and supporting economic growth and development. Debt levels remain elevated averaging about 70.0 per cent of GDP and member governments remained challenged with respect to fiscal space. Cognisant that fiscal and debt sustainability is essential for economic growth, we provided technical support to the ECCB member countries in various aspects of debt management and supported them in their issuance of debt instruments on the Regional Government Securities Market (RGSM). A key accomplishment in the last quarter of the financial year was the second Growth and Resilience Dialogue with ECCU Social Partners.

Undoubtedly, our most significant achievement for the financial year 2017/2018 was the launch of the “Eastern Caribbean Central Bank

goals that we believe are foundational pillars for the transformation process. The first pillar respects and honours our exchange rate anchor as the core of the Central Bank’s raison d’être, while the remaining four pillars buttress this core towards meeting our broader mandatesoffinancialstabilityandeconomicgrowthand development. To that end, the Plan is bold in its vision and ushers us into new, unchartered territory, including exploring emerging technologies to modernise our operations and support the transformation of our economies. As the theme of the Plan indicates, we believe the work of transforming the region is a collaborative endeavour, requiring teamwork internally and partnerships externally. As such, we have shared the Plan publicly on our new website and welcome everyone to become an implementation partner. The Strategic Plan is forward-looking but also a living, flexible document, allowing us to adapt to our dynamic environment. This Plan will bolster the standards of excellence we have maintained in the Bank’s work and in the pursuit of our vision, while embarking on new and exciting projects. Ultimately, the Plan serves as a tool, by which our constituents can assess our progress in delivering results and by which they can hold us accountable. Strategic Plan 2017-2021: Transforming the Eastern Caribbean Currency Union Together”, in October 2017