Eastern Caribbean Central Bank - ECCB Anguilla

By: EconomyWatch   Date: 9 September 2010

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The Eastern Caribbean Central Bank was set up in October 1983, as the monetary authority for a group of eight island economies namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

The bank was established with the objective of

  • Issuing a single common currency whose flow is unrestricted among its members.
  • A common pool of foreign exchange reserves
  • Establishing a Central Monetary Authority, which decides on the Union's monetary policy.

The Bank was set up with the purpose of

  • Regulating the availability of money and credit
  • Promoting and maintaining monetary stability
  • Promoting 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.
  • Actively promoting means consistent with its other objectives the economic development of the regions of the Participating Governments

The Monetary Council and the Board of directors govern the Eastern Commercial Central Bank, with the Monetary Council being the highest authority in matters of decision-making. The Monetary Council consists of one minister from each participating government.

The council provides guidelines and directives on monetary and economic matters. The board of director consists of ten directors - the Governor, the deputy Governor, and eight directors appointed from each participating country. While the Board of Directors looks after the general administration of the bank, the governor and the chief executive are responsible for the day-to-day management and operations of the bank.


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