Advancing the good of the people of the currency union by maintaining monetary and financial stability and promoting growth and development.
To be a model institution delivering exceptional service and influential policy advice to support the development of a thriving currency union.
Who We Are, What We Do
The Eastern Caribbean Central Bank was established in October 1983. It is the Monetary Authority for a group of eight island economies namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines.
The monetary arrangements are characterised 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
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.