5 July 2023, Basseterre, Saint Christopher (St Kitts) and Nevis – The EC dollar
remains strong, that is according to Governor of the Eastern Caribbean Central Bank
(ECCB), Timothy N. J. Antoine in his reflection on the work of the ECCB and regional
developments for the Financial Year ended 31 March 2023.
The Governor highlighted the continued strength and resilience of the EC Dollar as one of
the ECCB’s key achievements of the 2022-2023 financial year. He pointed out that
“Resilience is the capacity to absorb shocks and to bounce forward, not back,” Governor
Antoine said “Every shock should be leveraged to derive positive legacies.” The Bank
maintained foreign reserves of over 90 percent at the end of the financial year ended March
31, 2023, well above the 60.0 per cent statutory requirement. The Governor said that the
Bank’s high levels of reserves had proven to be very useful, particularly during shocks such
as the pandemic.
Another key highlight was the strong recovery of the ECCU economies. He said that region-
wide, the post-pandemic recovery is now well entrenched, with a projected growth rate of
5.0 per cent in 2023. That recovery propelled by a strong rebound of the tourism sector is
likely to result in most of the ECCU economies returning to pre-pandemic levels by the end
of this year or by next year.
For more of the Governor’s review of the 2022-2023 financial year and prospects for the
ECCB and the region for 2024, view this week’s episode of ECCB Connects.