Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Governor’s Foreword

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. Additionally, the initial phase of drafting the supporting legal framework for the Office of Financial Conduct and Inclusion has been completed, to support the Bank’s financial consumer protection thrust. To support stronger credit risk management and greater access to credit, notably, the ECCU Credit Bureau , EveryData ECCU Limited, was launched in Antigua and Barbuda in September 2024. The Credit Bureau will facilitate credit information sharing among licensed institutions and should, over time, help improve access to credit. Significantly, the ECCB continued to support member countries in their efforts to strengthen the governance of the Citizenship by Investment Programmes (CBI/CIP) to ensure their sustainability, given their importance to the fiscal and economic resilience of the countries. The ECCB leads a regional working group, the Interim Regulatory Commission (IRC), tasked by the Heads of Government where these programmes operate to establish a regional regulator. This enabling legal framework is expected to be enacted by the end of 2025. Despite a relatively stable 2024, there are now fears of new inflationary risks from protectionism and escalating trade wars. In a bid to weather

these new developments, the ECCU will need to re-look strategic trade partners and supply chains, accelerate reforms to build resilience, and strengthen regional food and energy security.

During the 2025/2026 financial year, the ECCB will craft its 2026-2031 strategic plan.

In conclusion, I express my gratitude to the Monetary Council and the Board of Directors for their guidance and support for the execution of the important work of the ECCB. I thank my Executive colleagues - the Deputy Governor, Dr Valda Henry, and the Chief Director (Policy), Dr Tracy Polius - for their steadfast support through the year. I also thank the management and staff of the ECCB for their hard work and diligence in service to the people of the ECCU. Finally, I also wish to acknowledge our stakeholders and partners as their continued engagement, cooperation and contributions are vital to our success. To the people of the Currency Union, I say thank you for the continued trust and confidence you have placed in the ECCB. The road ahead may be rocky, but through our collective efforts and with faith, we will overcome the challenges. Psalm 46:1 (NIV) reminds us that, “God is our refuge and strength, an ever-present help in trouble.”

Timothy N.J.Antoine Governor

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