The Eastern Caribbean Central Bank (ECCB) recorded a net profit of $25.2 million for the year ended 31 March 2021, a 60.1 per cent decrease from the profit reported in the prior year.
The Bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2021, which was published on 30 June, indicates that the decrease in net profit was due principally, to a significant reduction in interest income earned on the Bank’s foreign reserves portfolio.
The Governor of the ECCB, Timothy N. J. Antoine said, “The ECCB’s response, in the midst of the turmoil, has been focused, determined and comprehensive. The centrepiece of this response has been articulating a vision for the region in a three-year Programme of Action for Recovery, Resilience and Transformation of the ECCU Economies.”
He said, though proven to be a challenging year, the 2020/2021 period still brought about some key achievements for the ECCB including: the introduction of the new public engagement Series – ECCB Digital Dialogues; the launch of DCash, the digital version of the EC dollar, the world’s first retail central bank digital currency; and the launch of the ECCB Blog, Insights Towards Recovery, Resilience and Socio-economic Transformation.
Governor Antoine says that the Bank’s plans for recovery, resilience and transformation in the new financial year are not merely aspirations; they involve a full slate of activities which include:
- Launch of the new ECCB Strategic Plan 2021-2026;
- Continued collaboration with partners on the development of a renewable energy infrastructure fund facility;
- Roll out of DCash in the remaining four ECCB member countries: Anguilla, the Commonwealth of Dominica, Montserrat and Saint Vincent and the Grenadines;
- Development of a Payment System Reform Strategy; and
- Continuation of the Greening of the Campus Initiative to reduce the Bank’s carbon footprint
Click here to view the 2020-2021 Annual Report.
The Eastern Caribbean Central Bank (ECCB) recorded a net profit of $25.2 million for the year ended 31 March 2021, a 60.1 per cent decrease from the profit reported in the prior year.
60.1 percent decrease. The region is a bubbling volcano and will erupt. Economy doing bad, politicians becoming dictators, corruption on increase, CARICOM silent. People of region will start revolting if things does not change. There need to be new leadership in the region.
It really saddens me and it should sadden us all that a little back country as murderous as Belgium can report multiple times that amount simply due to the mayhem they committed k*lling and cutting the hands off over 10 million people in the Congo, Africa that is 10+ times the size of Belgium.
Boy that is really worrying. Less than half Raheem Sterling of Manchester City salary in a year and that young man only playing football wi. I afraid for that bank.
The introduction of crypto currency by the bank is irresponsible in view of our fixed exchange rate with the U.S.$. It is unstable, volatile and encourages money laundering. I trust it’s use will not be compulsory for- and by our national banks and that we can continue transacting our business in either U.S.$. or € and be allowed to maintain bank balances in hard, easily convertible currencies. A devaluation of the E.C.$. is a real possibility with dire consequences for local salaries, particularly for those in the public sector and relegate our economy to those of Jamaica or Haiti.
LOL, you have no idea what the DCash is it isn’t a cryptocurrency…. the value of the DCash is the same as the EC it’s fixed to it… Go and do your research, you cannot even gain interest on your DCash which you have on you it’s just like having CASH in your hand but in a digital form. DCash is good instead of having wads of cash just tap and pay and go time for Dominica to get with the times….
Unfortunately sir you seem to have confused cryptocurrencies with a Digital wallet. Dcash allows buyers and sellers of goods and services to give and receive payments to each other by using a smartphone or similar device by adjusting the balances in each other’s digital wallets which will be “located” at some financial institution.
Dcash itself will have zero impact on the stability of the EC dollar. In fact, the US economy’s performance determines the value of our currency relative to other currencies. You can sleep your financial affairs will continue as before, especially if you decide not to have a Dcash wallet.
Why then did the Central bank have to invent this digital currency. In the U.K. I can do all these transactions and more using the existing Pound Sterling. Is it that you first must have a credit balance, say in E.C. dollars and purchase an electronic wallet with Dcash with that? Again, why would that be necessary if as you say it bypasses my normal account that has E.C.dollars. Or is it a way of improving the flow of cash without printing extra largent chess and causing inflation? Sorry but I still feel uncomfortable about this. It just doesn’t feel right somehow.
Exactly right. They are fooling people again. Another smokescreen.
Wrong! Wha happen u been smoking that fing again?