Wednesday, December 11, 2019

ECCB Records Third Consecutive Year of Profit

Press Release:– The Eastern Caribbean Central Bank (ECCB) has recorded a net profit of $32.7 million for the 2018-2019 financial year.

This third consecutive year of profit exceeds last year’s profit by $21.9 million or 204.0 per cent.

The Bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2019, which was published on 28 June, indicates that the profit was due primarily to an increase in interest income on foreign reserve assets.

Governor of the ECCB, Timothy N. J. Antoine said, “The new financial year 2019/2020 will see us forging ahead with on going and new initiatives under the Strategic Plan with a focus on continuing our modernisation thrust.”

During the new financial year, the ECCB will continue to implement a number of programmes as set out in its 2017-2021 Strategic Plan including:

  1. Implement the Digital Currency Pilot Project
  2. Enhance security and durability of EC notes through the issue of polymer notes
  3. Licence a credit bureau operator for the Eastern Caribbean Currency Union
  4. Deploy the ECCU Public Debt and market Information webpages
  5. Support the development of a Digital; Economy Project for the ECCU in collaboration with the World Bank; and
  6. Complete Phases I and II of the Greening of the ECCB Campus Project

The ECCB 2018-2019 Annual Report is available on the Bank’s website.

4 COMMENTS

  1. If this performance can be transferred to some of the Governments in the Caribbean, or at least teach some of them money management, the Caribbean will be even more advanced. And using a credit score to determine a person’s credit worthyness is much more fair and balanced. This will hopefully take politics out of house awarding process.

  2. Yes.. They are sucking the islands dry again and the people don’t have a clue what is going on..
    Nova Scotia Bank sucked the islands and left..

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