ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 -2024

and the ECCB.

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2. Finalising the survey instrument with assistance from The World Bank and administering the same to service providers across the ECCU. The data garnered will be used to inform policy advice on financial inclusion and related matters. 3. Continued collaboration with Eastern Caribbean Automated Clearing House (ECACH) and Caribbean Confederation of Credit Unions (CCCU) to on-board the credit union sector in a safe, efficient and cost-effective manner, in furtherance of the Bank’s open access policy to the ECACH. 4. Continue to support member countries in the development of a supervisory framework for virtual assets regulation and supervision in the ECCU. 5. Enhance the Payment System Oversight Framework under the CARDTP, based on the diagnostic study of the Payment System Oversight Framework undertaken in 2023. That will facilitate a more robust and effective oversight programme to be implemented over the short to medium term. ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE S ocial M edia S trategy The Bank is developing a social media strategy towards its goal of enhanced strategic communication. The strategy aims to make the Bank and its work more accessible to the public and to enable the public to, in turn, interact with the Bank in fresh new ways. This strategy is about serving the people of the Region and ensuring simple and easy communication. supply-side

The Bank, in partnership with The World Bank, will continue to lead and coordinate dialogue with development partners and member states towards the operationalisation and establishment of the Renewable Energy Infrastructure Investment Facility (REIIF). Work on the project pipeline is also being undertaken in close collaboration with key stakeholders across member states. In the coming year the next phase of work on climate risk involves: (i) the conduct of a series of training and capacity building sessions for ECCB staff and the ECCU banking sector and (ii) the development of reporting templates and climate risk assessment models. PAYMENTS MODERNISATION AND FINANCIAL INCLUSION In terms of the Bank’s efforts to upgrade the Payment System Infrastructure, the ECCB will embark on the following: 1. On conclusion of the Caribbean Digital Transformation Project (CARDTP) IPS consultancy, the Bank will develop a cogent policy position on the implementation of an IPS for the ECCU. An IPS will allow for immediate availability of funds to beneficiaries, on a near 24-hour and 7-day basis, using a centralised infrastructure to facilitate payments. Use cases for instant payments are generally accessible via various electronic channels and typically include person to person, person to government, person to business, business to customer, business to business, government to person, government to business, and

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