ECCB Records Profit for 2016-2017 Financial Year

Timothy Antoine, Governor of the ECCB

The Eastern Caribbean Central Bank (ECCB) has recorded a net profit $6.3 million for the 2016-2017 financial year.

The bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2017, characterises the 2016-2017 financial year as ‘a year of recovery,’ with operating income increasing from $61 million to $77.5 million representing a 27.07% increase over last year.

Governor Timothy N J Antoine who marked his 1st year in office in February, says the bank’s profit is a particularly welcomed development after 3 consecutive years of losses.

Governor Antoine describes the ECCB’s 2016-2017 financial year as ‘highly successful with several highs and one major low,’ that low being the passing of former governor, the Honourable Sir K Dwight Venner, in December 2016.

The other key achievements of the ECCB for the year include:

  1. maintenance of the stability of the EC dollar;
  2. advancement of projects to improve access to financial services by medium, small and micro-enterprises;
  3. forging consensus on a Plan of Action for addressing growth, competitiveness and employment in the ECCU;
  4. launch of a country outreach programme to deepen the ECCB’s engagement with its member governments and stakeholders; and
  5. finalisation of a Strategy Plan which sets out the vision for the Bank for the next 5 years.

In the new financial year, the ECCB will focus on:

  • maintaining the stability of the EC dollar;
  • working with member governments to raise growth from 2.2 % in 2016 to 3.0% in 2017, with the aim of moving towards 5.0% per annum;
  • advancing work on financial sector stability and development initiatives including; the Eastern Caribbean Asset Management Corporation, the ECCU Credit Bureau and the Eastern Caribbean Appraisal Institute;
  • launching of a new and improved website; and
  • launching and implementing the bank’s Strategic Plan.

Click to view: ECCB 2016/2017 Annual Report
Eastern Caribbean Central Bank 2016/2017 Annual Report and Statement of Accounts.

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