ECCB to record ‘solid’ growth this year

The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, says the Eastern Caribbean Currency Union (ECCU) is set to record “solid” growth of about 3.3 per cent this year.

The ECCB serves as the central bank for Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, St. Kitts-Nevis, Montserrat, Anguilla and the British Virgin Islands.

In a Christmas message, Antoine acknowledged that the ECCU faced “many challenges” during 2019, including “the existential threat of our climate crisis, the ongoing threat of loss of correspondent banking relations, and high unemployment among our youth”. But he said despite those challenges “this year, our currency union is set to record solid growth of about 3.3 per cent.

“Throughout the year, we vigorously pursued our transformation agenda, including, inter alia: the launch of the first phase of our digital currency pilot, the launch of polymer notes, and the completion of phase one of our campus-greening programme (solar carport),” he said.

“As we look ahead to 2020, an exciting year beckons. Three of the bank’s key priorities will be financial stability, digital transformation and climate resilience. At this moment, we project growth of about 3.5 per cent,” he added.

CMC