ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

Financial Secretaries, as well as host the IMF mission for the 2023 Common Policies Consultation.

1. Supply side of the market, the minimum investment amount and the distribution channels; 2. Market infrastructure; 3. Costs/fees involved in distribution channels; and 4. Communication channels and an educational programme. Surveys The Bank will conduct customer satisfaction and staff engagement surveys, and prepare reports with the findings. It will also introduce new datasets on the Statistics Page of the Bank’s new website. Human Resources The ECCB’s people initiatives will again highlight best fit recruitment and selection. Development of succession planning for a stronger internal pipeline and bench strength will also be given priority. Enhanced retention strategies including stay interviews and the continuation of its Coffee and Conversations engagement initiative will also feature. Additionally, a revamped and operational Human Capital Management and Payroll system as part of a Bank-wide Enterprise Resource Planning (ERP) is expected to bring greater and tangible efficiencies. 1. Continue management and issuance of the polymer banknotes in co-circulation with paper banknotes. 2. Formalise arrangements with a recycling company/agency for the disposal of shredded polymer banknote wastes. 3. Develop the technical capacity in the use of scientific method of currency forecasting, including data analytics tools and methodology, in collaboration with the Research, Statistics and Data Analytics Department and De La Rue, our Currency Management The Bank will:

Capacity Building Efforts will continue in developing subject matter experts in the areas of information technology, cyber security, climate-related financial and environmental risk, and data analytics and visualisation. Additionally, the Bank will seek to build capacity in the area of payment system oversight, and initiatives will also be extended to the designated FMIs in order to strengthen their operations. Key Risk Indicator Framework (KRI) The Bank will prioritise the implementation of the Key Risk Indicator (KRI) Framework to aid greater clarity in the risk management process during the upcoming financial year in order to further enhance the risk management function across the institution. The Bank will also implement the IT Recovery Strategy as part of its Business Continuity Managment System (BCMS) Policy implementation, to facilitate the testing and exercising of the Scenario Plans for departments and subsequently finalise the attendant business continuity plans. In addition, the BCMS policy will be reviewed and updated to incorporate the requirements from the latest standard for BCMS ISO 22301:2019. Compliance The Bank will implement its compliance function during the upcoming year to ensure that departments adhere to both internal policies and procedures and the Bank adheres to regulatory requirements. Technical Support The ECCB will collaborate with The World Bank to develop a strategy for retail investors to improve the diversification of government funding sources and expand the investor base. The technical support from The WB will focus on four broad areas:

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