ECCB Governor Confident in Regional Economic Growth

Regional Regulator for Citizenship by Investment Programme

The Eastern Caribbean Central Bank (ECCB) is pushing ahead with the establishment of a regional regulator for the Citizenship by Investment Programme (CBI) and is currently projecting growth in the sub-regions region to be between four and five percent.

“We are grateful that our EC dollar (One EC dollar=US$0.37 cents) remains strong with a current backing of 98.3 percent backed by growing reserves. Backed by growing reserves,” ECCB Governor Timothy N.J. Antoine said in his Christmas message.

Economic Outlook

The pace of economic activity has quickened, and tourism has powered some improvement in air connectivity. Inflation has fallen from its peak two years ago, but we know only too well that prices are sticky downwards.

Antoine said the pace of economic activity has quickened, and tourism has improved air connectivity.

“Inflation has fallen from its peak two years ago, but we know only too well that prices are sticky downwards,” Antoine said, adding, “As we set our sights on 2025, we are mindful of the ever-changing geopolitical landscape and the risks it presents.

Programmes for 2025

The ECCB will press ahead with several programs next year, including the CBI, which is operational in Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts-Nevis.

The program is for foreign nationals to receive citizenship of these islands in return for making a substantial investment in their socio-economic development.

Financial Stability

Antoine said that the ECCB will in the new year also next year press ahead with financial stability, ease the opening of bank accounts as well as the full rollout of the Credit Bureau as well as financial investing for financial resilience through financial literacy accompanied by new products such as mutual funds and retail bonds for small investors.

He also promises more financial protection for customers and data and digital transformation.

Climatic Crisis

Antoine said that the climate crisis remains “a clear and present danger for our region,’ noting that 2024 is on pace to be the hottest year on record.

“We are grateful that most of our countries were spared a major hurricane, but our thoughts, prayers, and practical support continue for the people of Grenada, especially Carriacou and Petite Martinique, and St. Vincent and the Grenadines, especially Union Island, Canouan, and Mayreau.

ECCB Successes

The ECCB is a central bank for Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis and Montserrat. Earlier this month, Antoine expressed his satisfaction with the bank’s successes over the past year and its work’s impact on the people of the ECCU.

He told the Staff Gala and Awards ceremony that three areas in which he is particularly pleased are the progress made with the ease of opening bank accounts, the establishment of the ECCU Credit Bureau, and the work of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC).

Conclusion

The ECCB is committed to promoting financial stability, ease of doing business, and economic growth in the region. The bank is working towards establishing a regional regulator for the CBI and is projecting growth in the sub-regions region to be between four and five percent.

FAQs

* What is the Citizenship by Investment Programme (CBI)?
The CBI is a programme that allows foreign nationals to receive citizenship of certain islands in return for making a substantial investment in their socio-economic development.
* What is the Eastern Caribbean Central Bank (ECCB)?
The ECCB is a central bank for Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis and Montserrat.
* What is the goal of the ECCB?
The goal of the ECCB is to promote financial stability, ease of doing business, and economic growth in the region.