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ECCB Records Profit for 2016-2017 Financial Year

The Eastern Caribbean Central Bank(ECCB) has recorded a net profit $6.3 million for the 2016-2017 financial year.

The Bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2017, characterises the 2016-2017 financial year as “a year of recovery”, with operating income increasing from $61.0 million to $77.5 million representing a 27.07 per cent increase over last year.

Governor, Timothy N. J. Antoine who marked his first year in office in February, says the Bank’s profit is a particularly welcomed development after three consecutive years of losses.

Governor Antoine describes the ECCB’s 2016-2017 financial year as, “highly successful with several highs and one major low”, that low being the passing of former Governor, the Honourable Sir K Dwight Venner, in December 2016.

The other key achievements of the ECCB for the year include:

maintenance of the stability of the EC dollar;

advancement of projects to improve access to financial services by medium, small and micro enterprises;

forging of consensus on a Plan of Action for addressing growth, competitiveness and employment in the ECCU;

launch of a country outreach programme to deepen the ECCB’s engagement with its member governments and stakeholders; and

finalisation of a Strategy Plan which sets out the vision for the Bank for the next five years.

In the new financial year, the ECCB will focus on:

maintaining the stability of the EC dollar;

working with member governments to raise growth from 2.2 per cent in 2016 to 3.0 per cent in 2017, with the aim of moving towards 5.0 per cent per annum;

advancing work on financial sector stability and development initiatives including; the Eastern Caribbean Asset Management Corporation, the ECCU Credit Bureau and the Eastern Caribbean Appraisal Institute;

launching of a new and improved website; and

launching and implementing the Bank’s Strategic Plan.

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For more information concerning this release, please contact the following:
Eastern Caribbean Central Bank

P O Box 89, Basseterre, St Kitts

Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: (869) 465-2537

Fax: (869) 465-9562

E-mail: info@eccb-centralbank.org

Website: www.eccb-centralbank.org

 



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