30 June 2023, Basseterre, Saint Christopher (St Kitts) and Nevis –The Eastern
Caribbean Central Bank (ECCB) has published its Independent Auditors’ Report and
Financial Statements for the Financial Year ended 31 March 2023.
The ECCB has recorded a net loss of $54.5 million for the 2022-2023 financial year. The
loss represents a $5.4 million increase over the previous financial year. The deteriorated
performance was largely driven by significant losses on the sale of foreign investment
securities and U.S. Agency Mortgage-Backed Securities, as the Bank repositioned its foreign
reserves portfolio, considering interest rates globally rose at high levels over the financial
year.
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The Governor of the ECCB, Timothy N. J. Antoine says the 2023-2024 financial year will be
a ‘bounce back’ year for the Bank due to the projected slowdown or cessation of interest rate
hikes by the US Federal Reserve, and elevated interest rates
Governor Antoine adds that, the Bank remains ever-more committed to advancing its
strategic goals in support of its member countries, which continued to face a very
challenging economic and policy environment.
During the 2022-2023 financial year, the ECCB advanced a number of key initiatives,
guided by it 2022-2026 Strategic Plan. Those included the development of a Payment
System Vision and Strategy for the Eastern Caribbean Currency Union (ECCU); the
establishment of an Office of Financial Market Conduct; and continued strong vigilance of
the ECCU banking sector.
The Bank also captured two prestigious international Central Banking awards during the
year: The Green Initiative Award for its Greening of the ECCB Campus Initiative, and the
Communication Initiative of the Year Award for the production of its public education
programme – ECCB Connects.
Looking ahead, Governor Antoine calls for a ‘Big Push’ across the region. This ‘Big Push’ he
says is a call to implement innovative and transformative policies and initiatives to double
the size of the ECCU economy for the benefit of the people of the region.
The ECCB’s 2022-2023 Independent Auditors’ Report and Financial Statements is available
on the Bank’s website and social media platforms.
