Eastern Caribbean Central Bank - ECCB Central

By: EconomyWatch   Date: 9 September 2010

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The Eastern Caribbean Central Bank was established in October 1983 with a view to maintain the stability of the Eastern Caribbean Dollar.

The objective was to facilitate the economic development and a balanced growth of the Eastern Caribbean states. The bank is the monetary authority of a group of eight Eastern Caribbean states namely, Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

The Eastern Caribbean Central Bank was set up with the following broad objectives:

  • To regulate the availability of money supply and credit in the member states
  • To promote and maintain monetary stability in the member states
  • To encourage credit and exchange conditions and a sound financial infrastructure favorable to the balanced growth of the economies of the participating countries
  • To work actively in order to ensure the overall economic development of the member states

The Eastern Commercial Central Bank is governed by the Monetary Council and the Board of Directors. The Monetary Council, the highest decision making authority, comprises of one minister from each participating government. The function of the Council is to provide directives and set procedures on matters related to monetary and credit policy to the bank.

The Board of Directors consists of ten directors - the Governor, the Deputy Governor and one director representing each participating country. The Board of Director is responsible for policy matters and general administration of the bank.

The bank also recognizes that a secure, trustworthy and well-organized payment system is necessary for the stability of the financial system in the country. The bank has taken a number of steps in this regard.
 


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