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The 110th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) took place on February 14, 2025, in St Kitts and Nevis. During the meeting, the Council welcomed Premier Reuben Meade of Montserrat as its newest member.\u00a0Honourable Dr Irving McIntyre, Minister for Finance, represented Dominica.<\/p>\n
Apart from Dominica, officials from Anguilla, Antigua and Barbuda, Grenada, Montserrat,\u00a0 St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines also convened at this year’s gathering.<\/p>\n
They reviewed the Governor’s Report, which discussed the current economic and financial situation within the Eastern Caribbean Currency Union (ECCU) and highlighted various risks and opportunities impacting growth. The global economy is facing uncertainty, but growth predictions appear positive, with the USA expecting to grow by 2.7% and China by 4.6%. The ECCU anticipates growth between 3.5% and 4.5% for 2025, driven mainly by tourism and reconstruction efforts after Hurricane Beryl.<\/p>\n
In discussions about financial stability, the Monetary Council reported that ECCU banks remain stable, well-capitalized, and have seen an increase in deposits. It’s noted that credit conditions are favorable, particularly for mortgages, as intense competition among lenders continues. Additionally, everyData ECCU Ltd has begun integrating services with local banks to enhance credit reporting. Despite these positive trends, the Financial Stability Report 2023 outlined risks related to cybersecurity and climate change, prompting planned actions to enhance credit underwriting and regulate Citizenship by Investment programs.<\/p>\n
The Council also addressed important initiatives to improve banking access, including a new program to establish basic bank accounts and measures to reduce the high costs of intra-regional air travel. They allocated $25 million to support food and nutrition security in member countries, aiming to cut food imports by 25%. Lastly, preparations are underway to launch a central bank digital currency, known as DCash 2.0, to improve digital finance in the region.<\/p>\n
The next meeting of the Monetary Council is scheduled for July 18, 2025, in Barbuda, where\u00a0Gaston Browne, Prime Minister and Minister for Finance of Antigua and Barbuda, is due to assume Chairmanship of the Council.
\nThe full findings may be read here:<\/p>\n