ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

the work of valuators in the ECCU, and any needed amendments.

improvement of stakeholder satisfaction. The Bank intends to conduct stakeholder analyses to determine areas for further development with its delivery, in pursuit of its mandate. Foreign Reserves Management The Bank will seek to strengthen the management of Foreign Reserves by: 1. Relooking the risk appetite of the Bank while keeping in mind the backing ratio; 2. Giving consideration to the Bank’s sensitivity to accounting losses and to enhancing the decision making process regarding foreign reserve management; and 3. Further operationalising the Risk and Analytics Unit. ECCB Blog The Bank will leverage additional functionalities on its new website to enhance the Blog product for the benefit of readers. Besides the enhancements in the user experience with the Blog platform, the Bank will focus on delivering insightful and impactful blog pieces, informed by the most salient policy issues for the ECCU public. ECCB Digital Dialogues After the hiatus from its virtual public engagement initiative during the 2022-2023 financial year, the Bank will seek to revive the Digital Dialogues. It will bring a fresh lineup of expert panels for conversations on topical issues and engage the ECCU public in the discourse. Monetary Council Policy Sessions The Bank will continue to use its convening power to bring together its various partners and stakeholder groups around the Region’s resilience and transformation agenda. The Bank will engage the Monetary Council in Policy Sessions, organise Consultative Meetings with Development Banks and

The ECCB will continue to coordinate with the International Financial Corporation (IFC) and facilitate the ECCU Secured Transaction and Collateral Registry initiative. The focus will be on assisting the next pilot country, Antigua and Barbuda, to develop the legislative framework into an accommodating Secured Transaction Bill with an enabling collateral registry. Thereafter, the focus will be to assist the Commonwealth of Dominica and Grenada towards their adoption and adaptation of the Bill. The Security Interest in Movable Assets Bill was enacted in Saint Lucia following a series of meetings and consultations. Awareness sessions were also held with national focal points from the other ECCB member countries to familiarise them with the initiative, its purpose, and benefits. The debt systems for the remaining ECCB member countries will be migrated to Commonwealth Meridian as a support service for the old debt system, Commonwealth Secretariat Debt Recording and Management System (CS-DRMS), which is expected to end in June 2023. The integration of technology, through data analytics and visualisation will continue to be a critical area of focus for the Bank. In the area of statistical development, the Bank will implement a Now-Casting Framework for the ECCU member countries using EVIEWS. This development work will yield a more dynamic and efficient framework for the update of the GDP estimates and forecasts for the ECCU member countries. Organisational Effectiveness and Development Internal Audit One of the major Key Performance Indicators (KPIs) under the Bank’s current strategic plan is the

62