The Eastern Caribbean Central Bank was established in October 1983.
It is the Monetary Authority for a group of eight small island economies
namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada,
Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and The
Grenadines.
Mission Statement
To maintain the stability of the EC dollar and the integrity of the
banking system in order to facilitate the balanced growth and development
of member states.
The monetary arrangements are
characterized by:
The issuance of a single common
currency, the flow of which is unrestricted among its members.
A common pool of foreign exchange
reserves; and
The existence of a Central Monetary
Authority which decides on the
Union's monetary policy.
The purposes of the Bank are:
To regulate the availability of money
and credit
To promote and maintain monetary
stability
To promote credit and exchange
conditions and a sound financial structure conducive to the balanced
growth and development of the economies of the territories of the
Participating Governments
To actively promote through means
consistent with its other objectives the economic development of the
territories of the Participating Governments
Supervision Policy
The ECCB supervises commercial banks and non-bank financial institutions
(excluding insurance companies and credit unions) in its member countries.
The system of supervision involves the use of surveillance techniques,
on-site examinations, follow up reviews and prudential meetings with
institutions.
Powers and Responsibilities
The governing bodies of the Eastern Caribbean Central Bank are the
Monetary Council and the Board of Directors.
The Monetary Council is the highest decision making authority. It
is comprised of one Minister appointed by each Government of the
participating countries. The function of the Council is to provide
directives and guidelines on matters of monetary and credit policy to the
Bank.
The Board of Directors is comprised of ten Directors - the Governor
and Deputy Governor, and one Director appointed by each Government of the
eight participating countries. The Board of Directors is responsible for
policy and general administration of the Bank, while the Governor, the
Chief Executive, is responsible for the day-to-day management and
operations.
Ownership of the Bank
The bank is owned by the eight member governments of the Organisation of
Eastern Caribbean States
Exchange Rate Regime
The Eastern Caribbean Dollar is pegged to the US dollar: US$ 1:= EC$ 2.70.
