ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

The Bank also developed guidelines on operations for on-boarding and monitoring of credit unions on the ECACH, which will complement the assessment for the sector. On-boarding of the Eastern Caribbean Central Securities Depository and a licensed non bank financial institution (NBFI), is in progress. Assessment of Financial Market Infrastructures Payment System Strategy for the ECCU The Bank, in collaboration with a World Bank payment system expert, developed a Payment System Vision and Strategy for the ECCU. The Strategy was developed around five strategic pillars: (i) strengthening of the legal and regulatory framework; (ii) wholesale financial market infrastructures and interbank markets; (iii) retail payment systems and services; (iv) cross border payments and international remittances; (v) and ECCU payment system oversight and cooperation. The strategy envisages short, medium and long term plans and objectives. The Strategy was presented to ECCU stakeholders in a roadshow in the last quarter of 2022, where a series of in-person multilateral stakeholder meetings was held in each ECCB member country. Stakeholders gained a shared understanding of the roadmap for the payment system, by exploring detailed actions to be implemented under each strategic pillar. The ECCB clarified the respective stakeholder roles set expectations for the implementation of the strategy, and forged partnerships with stakeholders for collaborative implementation of the strategy. The Bank, in collaboration with a World Bank payment system expert, developed a Payment System Vision and Strategy for the ECCU.

T he Central Bank launched a Financial Literacy and Financial Inclusion survey in its eight member countries in June 2022. The survey results will provide a benchmark of the extent to which the public is aware of, and has access to, and use, financial products and services. The objective of this initial survey was to establish a baseline, relevant to the ECCU, which is internationally comparable, and will: ; capture information about financial behaviour, attitudes and knowledge on individuals in the ECCU; ; ascertain financial awareness and access to financial services and products; and ; help define targets that are realistic and can be monitored to measure progress over time. The survey represents adults aged 18 and is based on a three-stage stratified random sample of clusters of dwelling units systematically selected in three stages from a Sample Frame developed from the Population and Housing Census data and updated using more recent sample surveys completed by the Statistics Divisions in the member countries. The joint survey was executed with the financial support of The World Bank funded Caribbean Digital Transformation Project, which is coordinated by the OECS Commission. The firm Data Point Solutions Inc. was contracted to execute the Financial Literacy and Financial Inclusion survey in the ECCU member countries. The Survey has been executed in all of the ECCB member countries. The findings for one of the countries are outstanding. The results of the Survey will be released by the end of June 2023. Financial Literacy and Financial Inclusion Survey

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