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