ECCB celebrates 29 years of financial stability in the ECCU

As the Eastern Caribbean Central Bank (ECCB) marked its 29th anniversary on October 1, Governor of the ECCB, Sir K. Dwight Venner,{{more}} said the main accomplishment of the institution over the years has been the bank’s integration of itself into the financial and economic life of its eight member countries.

The Governor added, “the Bank has also secured the reputation of being a sound and well-run institution”. This he says, has expanded the credibility of the ECCB, a release from the ECCB said.

The main purpose of the ECCB is to maintain the integrity of the Eastern Caribbean Currency Union (ECCU) financial system and the stability of the EC dollar. The Governor says that amidst the on-going global economic and financial crisis, collective action and collective decision making have been the key factors in the bank’s fulfilment of this mandate, the release said.

In January 2011, the member governments of the OECS ratified the Treaty of Basseterre, establishing the OECS Economic Union and in August 2012 the governments and opposition leaders came together for the inauguration of the OECS Parliamentary Assembly. The Governor says that by virtue of being a “supranational institution,” that is, working for the entire region, the ECCB provides the framework and a good blueprint for the operation and functioning of a regional system. Therefore, the bank will lend its experience to these new regional arrangements.

The Governor expressed gratitude to the people of the ECCU and said that the ECCB has been inspired by their support and high level of respect for the bank. He gave the assurance that the ECCB will continue to work to ensure the stability and prosperity of the countries of the currency union for the benefit of the citizens.

The ECCB was established on 1 October 1983 as the monetary authority for: Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. The bank is the only institution which has the authority to issue and manage the EC dollar.