The Eastern Caribbean Central Bank (ECCB) has closed out its most recent financial year with one of the strongest performances in its institutional history, delivering a profit of EC$121.6 million that marks the second-highest annual gain the central bank has ever recorded. While the figure represents a slight pullback from the all-time record of EC$126.1 million posted in the previous financial year, ECCB Governor Timothy Antoine has emphasized that the Eastern Caribbean Currency Union’s core financial foundations remain solid, even as households and businesses across the bloc continue to grapple with persistent cost-of-living challenges.
Antoine shared the results during the recent ECCB Monetary Council meeting hosted in Dominica, where he addressed the three most pressing concerns on the minds of residents across the currency union: the strength of the Eastern Caribbean (EC) dollar, the security of personal savings, and the trajectory of rising living costs.
When responding directly to public concerns, Antoine offered clear reassurance on the first two issues. “Our EC dollar remains exceptionally strong,” he stated, noting that the currency is backed by foreign reserves covering 97.61% of its value — far exceeding the 60% statutory minimum requirement mandated for the union. Total foreign reserves across the bloc have now climbed to $5.9 billion, providing robust, ongoing support for the currency.
“A strong currency requires a strong central bank. I am therefore pleased to report that the central bank is financially strong,” Antoine added, confirming that personal savings held across the region’s financial system are fully secure. He also noted that the regional banking sector maintains strong capital and liquidity buffers that keep the system stable and resilient, though he acknowledged that customer service across the industry requires significant improvement to meet public expectations.
On the question of easing cost-of-living pressures, Antoine offered a more mixed assessment. Inflation across the currency union has moderated in recent months, bringing some relief to household budgets, but he acknowledged that many families and small businesses still continue to feel the strain of elevated prices. Even with this ongoing pressure, he stressed that the long-term structural strength of the currency union remains unshaken.
Looking forward, the ECCB projects steady regional economic growth of approximately 2.8% for both this year and next, with the tourism and construction sectors continuing to act as the primary engines of expansion across the bloc. The central bank also reported that private sector credit grew by 5.8% last year, driven by a 10.1% jump in business lending and a 3.3% rise in household credit. This growth indicates that more local businesses and residents are gaining access to financing needed to fund investments, expand operations, and create new jobs across the region.
In a final disclosure, Antoine confirmed that credit card debt across the currency union rose by 1.7% to reach EC$328.8 million, a small uptick that comes even as overall inflation has slowed in recent months. This modest increase signals that some households are still relying on consumer credit to cover everyday expenses amid lingering cost pressures.