Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

T he Bank successfully onboarded the ECCB-licensed non-bank financial institutions (NBFIs) to its data reporting and management software, SAS, on 1 October 2024, thereby broadening the coverage of its monetary and financial statistics. Historical data that were being submitted via email to the Bank were also migrated to the system. The Bank also provided training and technical assistance to various financial institutions in the classification of financial accounts, as well as in the requisite protocols for data submission. This was aimed at ensuring accurate financial reporting. The Bank initiated the development process to integrate food imports data into its SAS data management software. The goal of this was to enhance efficiency in preparing and managing information for the Food Import Bill Tracker. The Bank commenced work on drafting a Data and AI Strategy to strengthen data management, incorporate and integrate Artificial Intelligence (AI) into work programme activities and institutionalise data governance practices. Digital and Data Transformation The Bank commenced work on drafting a Data and Artificial Intelligence (AI) Strategy to strengthen data management, incorporate and integrate AI into work programme activities and institutionalise data governance practices. Implementation of Data Analytics System The ECCB advanced its work on the implementation of a new data warehouse and the development of a data and artificial intelligence strategy. During the financial year, the Bank engaged in the process of requirements identification to support design of the new data warehouse. The Bank also established a Data and AI strategy committee, which supported the process pf development of theDataandAI Strategy. This strategywill include elements suchas datagovernance, and guardrails for use of AI models. The next stage the data warehouse is the procurement of services for the design and implementation of the warehouse.

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