2018 was “relatively good” for Eastern Caribbean countries: ECCB governor

Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has said this year has been a “relatively good one” for the sub-region and that an exciting period beckons in 2019.

Antoine, in his Christmas message, said 2018 has had several challenges for the Eastern Caribbean Currency Union (ECCU) including climate change and a paucity of resources for adaptation and building resilience, new OECD (Organisation for Economic Cooperation and Development) demands, rising oil prices and BREXIT”.

But he said despite these challenges “there remains much for which we ought to be thankful” including being spared any damages during the recently ended hurricane season.

“Indeed, the year 2018 has been a relatively good one for the Eastern Caribbean Currency Union. Following the growth setback last year, the ECCU recovered and is projected to grow by about three per cent. Furthermore, there has been a reduction in unemployment in some member countries.”

Antoine said that the ECCB continues to make significant strides with the implementation of its strategic plan.

“Amid all of our hard work to preserve monetary and financial stability, and promote growth and development, there were several memorable moments including: the celebration of our 35th anniversary (and) our global award by Global Markets.

“As we look ahead to 2019, an exciting year beckons as several of our strategic initiatives are set to come to fruition including the Credit Bureau, the Partial Credit Guarantee Scheme, the rollout of our FinTech pilot and our new bank notes. We look forward to these and more with great anticipation.”

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