ECCB Annual Report to address region’s financial stability

BASSETERRE, St. Kitts – MUCH preparation and fiscal discipline have ensured that the Eastern Caribbean Dollar remains stable particularly during the current financial and economic challenges, and this evening’s (June 29) Eastern Caribbean Central Bank 2008/2009 Annual Report is expected to highlight the work of the Bank in that regard.

This year’s report, which begins at 8:00 p.m., is expected to take a different approach to the financial discussion as the 2008/2009 fiscal year has posed a number of major challenges for the Eastern Caribbean Currency Union (ECCU). Therefore, the report will highlight the policy actions taken by the Bank during the 2008/2009 financial year in fulfilling its mission of maintaining the stability of the EC dollar and the integrity of the banking system while promoting the development of the economies of the member countries. 

The ECCB Governor Sir K. Dwight Venner will deliver the report which, according to the Bank, seeks to give the public a better understanding of the roles and functions of the ECCB and how the operations of the Bank affect the lives of citizens of its member countries.

ECCB Deputy Director Corporate Communications Sybil Welsh said that as the world faces economic and financial crisis, the Bank must respond appropriately to the challenges to protect the interests of its member countries which are part of the global village. She informed that the Governor will not only identify the challenges but also identify what the ECCB has done, what it is currently doing and the action plan to move forward.

“The work of the Central Bank is the work of the region and of the people; you can’t separate the two. We not only work for the region; we work for its people. And so what we are doing in this Annual Report is getting an account of our stewardship [in relation to] how we have been able to serve the region and how we will continue to serve the region,” Welsh added.

The ECCB official encouraged all to listen to the report on the radio and internet as she stressed that “what we do at the Central Bank relates directly to how we are going to surmount the challenges confronting the world which the member territories of the ECCB are part of”.

The presentation will be broadcast on radio stations and the respective Government Information Service (GIS) television programmes throughout the eight ECCB member countries. The text along with audio and video recordings of the Governor’s presentation will be available on the Bank’s website (www.eccb-centralbank.org) from 8:00 p.m.