Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Governor’s Foreword

The Bank made significant progress on the important issue of easing the opening of bank accounts to support financial inclusion. This is essential in ensuring that all citizens and residents have reasonable access to banking and other financial services without unduly burdensome documentation requirements, while still meeting regulatory standards, including those pertaining to Anti-Money Laundering and Combatting the Financing of Terrorism.

Review as it endeavours to attract and retain talent in a very competitive and mobile labour market, an imperative for the pursuit of the Bank’s strategic goals and ambitious agenda. The Bank made progress in replacing its current Enterprise Resource Planning solution to improve operational efficiency. The International Monetary Fund’s (IMF) April 2025 World Economic Outlook reported that global output grew at a robust rate of 3.3 per cent in 2024, albeit below the pre-pandemic average of 3.7 per cent. The growth was fueled by strong consumer demand, particularly in the US economy, even amid subdued performances in other advanced and emerging economies. Inflationary pressures eased in general. Central banks moved cautiously to balance considerations for consumption activity, labour markets and exchange rates. Even with these efforts, inflation remained stubborn in some regions and higher than the targeted 2 per cent rate. The Bank estimates that the ECCU economy expanded by 3.7 per cent in 2024. Growth was fueled by a strong performance in Tourism and

construction activity. Visitor arrivals in most member countries have now surpassed pre pandemic levels, as real incomes in source markets normalised and regional air connectivity improved. In construction, activity was driven by government infrastructure projects. On account of positive economic activity, ECCU countries made some progress towards debt sustainability with the average debt-to-GDP ratio in the ECCU falling from 77 per cent to 76 per cent. In addition, the inflation rate slowed in all countries, but price levels remain high. During the financial year, the Bank spotlighted the Big Push –the goal to double the size of the ECCU economy over the next decade. As management, we led the ECCB team with agility, clarity, energy and empathy, as we sought to implement zealously strategic initiatives in support of the Big Push. Moreover, the ECCB deepened engagements with our communities, stakeholders and partners, nationally, regionally and internationally.

The Bank made significant progress on the important issue of easing the opening of bank

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