The Eastern Caribbean Central Bank’s Monetary Council convened its 112th meeting on February 13, 2026, under the remote chairmanship of Prime Minister Gaston Browne. The high-level gathering at the ECCB Campus in Saint Kitts and Nevis addressed pressing economic challenges and strategic responses to evolving global conditions.
Amid geopolitical tensions and structural hurdles within the Eastern Caribbean Currency Union, council members prioritized maintaining monetary stability while accelerating regional transformation initiatives. The session yielded several significant outcomes, beginning with the unanimous reappointment of Timothy N.J. Antoine as ECCB Governor for an additional five-year term starting February 1, 2026. This decision reflects the council’s emphasis on leadership continuity during critical economic restructuring.
The council extensively reviewed the Governor’s comprehensive report titled ‘ECCU 2026 and Beyond: Bold Policies for Bigger and More Resilient Economies,’ which reinforced monetary stability as the foundation of regional development strategy. The Eastern Caribbean dollar demonstrated remarkable strength with a 99.5% backing ratio—significantly exceeding the statutory 60% requirement—and foreign reserves totaling EC$5.83 billion. July 2026 will commemorate five decades of the currency’s fixed exchange rate at EC$2.70 to US$1.00.
Considering stable domestic conditions and moderating global inflation, policymakers maintained current interest rates: the Minimum Savings Rate at 2.0%, Discount Rate at 3.0% for short-term credit, and 4.5% for long-term credit. These measures aim to preserve currency union stability and sustain investor confidence.
The banking sector assessment revealed robust health with substantial liquidity (EC$1.41 billion in excess reserves as of January 2026), strengthened capital buffers, improved adequacy ratios, and declining non-performing loans. The ECCU Credit Bureau expansion continues, with five member states now fully operational, facilitating improved credit access.
While projecting 3.3% growth for 2026, the council acknowledged the necessity to accelerate expansion to approximately 7% annually to double regional output within ten years. Members committed to advancing the ‘Big Push’ strategy focusing on productivity enhancement, economic diversification, food and energy security, financial market development, and climate resilience. Strategic priorities include infrastructure modernization, renewable energy expansion, human capital development, and increased financial inclusion.
Significant regulatory advancements include progress toward establishing the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) and implementing a Regional Biometrics Programme, both expected to enhance governance and investor confidence.
Financial modernization efforts featured the suspension of DCash 2.0 development to prioritize a Fast Payment System and participation in the CARICOM Payments and Settlement System pilot. The successful 2025 ECCU Retail Bond Programme pilot was recognized as instrumental in broadening capital market access, while plans for a 2026 Office of Financial Conduct aim to strengthen consumer protection.
Fiscal sustainability concerns emerged as some member states risk missing the 2035 debt-to-GDP target of 60%, underscoring the need for disciplined fiscal management. Tourism remained the economic cornerstone with 3.3 million visitor arrivals and EC$6.4 billion in expenditures by Q3 2025, though long-term prosperity requires deeper economic diversification.
The upcoming 10th Annual Growth and Resilience Dialogue (April 22-24, 2026) will further develop these initiatives under the theme ‘Big Push: Resilient Leadership in a Dynamic World.’ Leadership transition will occur on July 9, 2026, in Dominica, with Irving McIntyre expected to assume chairmanship before the 113th Monetary Council meeting on July 10, 2026.
Prime Minister Browne reiterated Antigua and Barbuda’s steadfast commitment to regional cooperation, financial innovation, macroeconomic stability, and sustainable growth throughout the Eastern Caribbean.