ECCB 2021-2022 Annual Report and Statement of Accounts

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EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022

Highlights of the Year

ECCB Wins Global Award for Dcash Project The ECCB captured the 2021 Central Bank Digital Currency (CBDC) Infrastructure Award for its digital payments platform, DCash. The accolade, presented by the Central Banking Publications FinTech and RegTech Awards, recognises the innovations and accomplishments of central banks and technology partners in the area of financial and regulatory technology. DCash Pilot Extends to Saint Vincent and the Grenadines The ECCB rolled out its digital payment platform – DCash to Saint Vincent and the Grenadines, making it the fifth ECCB member country to be part of the pilot. The ECCB saw the introduction of DCash in Saint Vincent and the Grenadines, which occurred in the wake of the La Soufriere volcanic eruptions, as key to assisting the citizens and residents of that country with their rebuilding efforts. The launch event, held 12 August 2021, was attended by key DCash partners and media and featured a live DCash transaction between the Honourable Minister for Finance, Saint Vincent and the Grenadines, Camillo Gonsalves and Governor of the ECCB, Timothy N. J. Antoine. First Woman Deputy Governor of the ECCB Assumes Office Dr Valda Henry, a native of the Commonwealth of Dominica, became the third ECCB Deputy Governor and first woman to assume the position. Dr Henry’s appointment was announced in July 2021 following her selection by the ECCB Monetary Council. Dr Henry succeeds former Deputy Governor, Trevor Brathwaite who demitted office on 15 September 2021 after 15 and one half years of service to the region.

ECCB Celebrates 38th Anniversary The ECCB marked its 38 th year of service to the people of the region under the theme: Service. Resilience. Strength. Stability. In his commemorative remarks, Governor of the ECCB, Timothy N. J. Antoine said that the ECCB remained firmly focused on socio-economic transformation for the shared prosperity of the people of the Currency Union. ECCB Monetary Council Convenes 100th Meeting The 100th Meeting of the Monetary Council of the Eastern Caribbean Central Bank was held on 22 October 2021, via videoconference, under the Chairmanship of the Honourable Joseph Easton Farrell, Premier and Minister for Finance of Montserrat. The inaugural meeting of the ECCBMonetary Council was held on 20 January 1984 andwas chaired by the first Governor, the late Sir Cecil A. Jacobs. The meeting was held at the Fort Thomas Hotel in Saint Christopher (St Kitts) and Nevis. The Commonwealth of Dominica and Montserrat Join DCash Pilot A virtual launch event was held to mark the rollout of DCash in two additional member countries. The highlight of the event was the ECCB’s donation to the President’s Charity in the Commonwealth of Dominica and the Rotary Club Montserrat, processed in real time using DCash. ECCB Launches First-ever Artificial Data Challenge The Challenge, organised collaboratively by the ECCB, the OECS Commission, The World Bank and the University of the West Indies, provided a platform for persons to devise Artificial Intelligence (AI) digital solutions aimed at overcoming specific data challenges. The initiative formed part of the programme for the 6th Growth and Resilience Dialogue.