{"id":225558,"date":"2025-02-15T00:00:00","date_gmt":"2025-02-15T04:00:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=225558"},"modified":"2025-02-14T17:05:06","modified_gmt":"2025-02-14T21:05:06","slug":"communique-of-the-110th-meeting-of-the-monetary-council-of-the-eastern-caribbean-central-bank","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/communique-of-the-110th-meeting-of-the-monetary-council-of-the-eastern-caribbean-central-bank\/","title":{"rendered":"Antigua to Host 111th ECCB Monetary Council Meeting as PM Gaston Browne Assumes Chairmanship"},"content":{"rendered":"
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Communiqu\u00e9 of the 110th Meeting of the Monetary Council of the Eastern Caribbean Central Bank<\/strong><\/p>

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The One Hundred and Tenth (110th<\/sup>) Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held at the Eastern Caribbean Central Bank in       Saint Christopher (St Kitts) and Nevis on 14 February 2025.  <\/p>

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The Monetary Council welcomed back its newest member, Premier Reuben Meade of Montserrat.<\/p>

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  1. Monetary Stability<\/strong><\/li>\n<\/ol>\n\n\n\n

    The Monetary Council received the Governor\u2019s Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union<\/em><\/strong> (ECCU)<\/em>. <\/p>\n\n\n\n

    The Report, titled Seizing the Opportunities to Reposition the ECCU for Transformation<\/em>,provided global and ECCU updates on monetary, credit and financial conditions and assessed their potential impact in the near to medium term.  <\/p>

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    The Governor\u2019s Report<\/em> indicated that:<\/p>\n\n\n\n

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    1. The global economic environment is pregnant with uncertainty.<\/li>\n\n\n\n
    2. Amid easing inflation, global growth is projected to remain resilient with the USA projected to grow around 2.7 percent and China projected to grow around 4.6 percent (according to the IMF\u2019s World Economic Outlook, January 2025). <\/li>\n\n\n\n
    3. Key downside risks for the global economy include renewed inflationary pressures influenced by factors such as protectionist measures, geopolitical issues and climatic shocks.<\/li>\n\n\n\n
    4. Key downside risks for the Currency Union include policy shifts among major trading partners, volatility in Citizenship by Investment Programme (CBI\/CIP) revenues; and climatic shocks. <\/li>\n\n\n\n
    5. Key upside risks (opportunities) for the ECCU conducive credit conditions, timely implementation of major infrastructural projects in member countries and financial sector reforms such as the ease of opening of bank accounts and rollout of the credit bureau.<\/li>\n\n\n\n
    6. The ECCU\u2019s growth outlook for 2025 remains positive in the range of 3.5 percent \u2013 4.5 percent, with Tourism, post-hurricane Beryl reconstruction and investments in physical infrastructure expected to drive growth.  Cognizant that bold reforms \u2014 and timely passage of legislation \u2014 are required for sustainable growth outcomes, the ECCB continues to support a stable and resilient financial sector and encourages the member Governments to expedite the enactment of the relevant legislation. <\/li>\n<\/ol>\n\n\n\n

      The EC currency remains strong: the backing ratio (also known as the ratio of foreign assets to demand liabilities) continues its upward trajectory, and stood at 98.2 per cent as at 7 February 2025.  Reserves are EC$5.5 billion as at the week ending 7 February 2025 \u2014 up from EC$5.4 billion as at 11 October 2024. <\/p>

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      Source: Eastern Caribbean Central Bank.<\/p>

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