BASSETERRE, ST. Kitts, CMC—The St. Kitts-based Eastern Caribbean Central Bank (ECCB) says it will push ahead in the new ear for the establishment of a regional regulator for the Citizenship by Investment Programme (CBI) and is currently projecting growth in the sub-regions region to be between four and five percent.
“We are grateful that our EC dollar(One EC dollar=US$0.37 cents) remains strong with a current backing of 98.3 percent backed by growing reserves. Backed by growing reserves,” ECCB Governor Timothy N.J. Antoine said in his Christmas message.
“The pace of economic activity has quickened, and tourism has powered some improvement in air connectivity. Inflation has fallen from its peak two years ago, but we know only too well that prices are sticky downwards.”
Antoine said the pace of economic activity has quickened, and tourism has improved air connectivity.
“Inflation has fallen from its peak two years ago, but we know only too well that prices are sticky downwards,” Antoine said, adding, “As we set our sights on 2025, we are mindful of the ever-changing geopolitical landscape and the risks it presents.
“We currently project growth in the ECCU (Eastern Caribbean Currency Union) between 4.0 -5.0 percent. We also see and will pursue opportunities for more collaboration and faster collective action,” he said.
“Now more than ever, we must stand together and work together both at home and abroad. You can count on your Central Bank’s support every step of the way. We will continue our advocacy for the Big Push challenge predicated on the simple question: what will it take to double the size of our economies over the next decade? ”
He said explicitly that the ECCB would press ahead with several programs next year, including the CBI, which is operational in Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts-Nevis.
The program is for foreign nationals to receive citizenship of these islands in return for making a substantial investment in their socio-economic development.
In September, the countries offering CBI programs said they had taken a practical step towards establishing a regional regulator by appointing an Interim Regulatory Commission (IRC).
The IRC will serve as a technical working group charged with fully developing the regional regulator’s plans and implementation. It will operate until the first Board of the regional regulator is appointed.
The ECCB said that establishing a regional regulator is a key provision in the Memorandum of Agreement (MOA), published in March this year.
“Once formally established through the enactment of enabling legislation in the participating countries, the regional CIP/CBI regulator will set standards for and regulate the programs in accordance with international best practices and will monitor and report on compliance.”
Antoine said that the ECCB will in the new year also next year press ahead with financial stability, ease the opening of bank accounts as well as the full rollout of the Credit Bureau as well as financial investing for financial resilience through financial literacy accompanied by new products such as mutual funds and retail bonds for small investors.
He also promises more financial protection for customers and data and digital transformation.
Antoine said that the climate crisis remains “a clear and present danger for our region,’ noting that 2024 is on pace to be the hottest year on record.
“We are grateful that most of our countries were spared a major hurricane, but our thoughts, prayers, and practical support continue for the people of Grenada, especially Carriacou and Petite Martinique, and St. Vincent and the Grenadines, especially Union Island, Canouan, and Mayreau.
The ECCB is a central bank for Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis and Montserrat. Earlier this month, Antoine expressed his satisfaction with the bank’s successes over the past year and its work’s impact on the people of the ECCU.
He told the Staff Gala and Awards ceremony that three areas in which he is particularly pleased are the progress made with the ease of opening bank accounts, the establishment of the ECCU Credit Bureau, and the work of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC).
“As of December 1, we have given specific guidance to our banks to make it easier for people to open bank accounts. We have worked on that in the past year, and we can directly impact the public regarding the ease of opening bank accounts.
“I am also pleased that this year we saw the rollout of the credit bureau, a long dream, and ambition of our currency union. It was launched in Antigua and Barbuda, and in the next few months, the legislation will be passed in all eight member countries,” the Governor added.
He also said that ECPCGC had issued more than 130 loans valued at over EC$15 million. “This program we launched during the pandemic to help small businesses access credit. It has been a little slow, but it is now taking off,” Governor Antoine said, adding that in the next few months, the ECCB will continue to push its wealth creation agenda as it seeks to get the people across the ECCU to move from being savers to investors.
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