Prime Minister the Honourable Gaston Browne chaired the 112th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) on 13 February 2026. The meeting was held at the ECCB Campus in Saint Kitts and Nevis, with Prime Minister Browne participating remotely.
The Council convened amid evolving global economic conditions, geopolitical uncertainty, and ongoing structural challenges within the Eastern Caribbean Currency Union (ECCU). Discussions focused on preserving monetary and financial stability while accelerating the region’s transformation agenda.
A key outcome of the meeting was the confirmation of the reappointment of Timothy N.J. Antoine as Governor of the ECCB for a further five-year term, effective 1 February 2026. Council members underscored the importance of leadership continuity as the ECCU advances coordinated and forward-looking policy actions to secure long-term growth, diversification, and resilience.
The Council reviewed the Governor’s Report, “ECCU 2026 and Beyond: Bold Policies for Bigger and More Resilient Economies,” reaffirming that monetary and financial stability remain the cornerstone of the region’s development strategy. The EC dollar continues to demonstrate strength and credibility, with a backing ratio of 99.5 per cent—well above the statutory minimum of 60 per cent—and foreign reserves of EC$5.83 billion. July 2026 will mark the 50th anniversary of the EC dollar’s fixed exchange rate of EC$2.70 to US$1.00.
Given stable domestic conditions and moderating global inflation, the Council agreed to maintain the Minimum Savings Rate at 2.0 per cent and the Discount Rate at 3.0 per cent for short-term credit and 4.5 per cent for long-term credit. Members reiterated that safeguarding the stability of the currency union is central to sustaining investor confidence and regional prosperity.
In reviewing the global outlook, the Council noted projected global growth of 3.3 per cent in 2026 and 3.2 per cent in 2027, while cautioning that risks remain elevated due to geopolitical tensions, trade and policy shifts, commodity price volatility, and uncertainty surrounding global mobility and financial flows. The Council stressed the importance of policy agility and strengthened strategic partnerships to mitigate external vulnerabilities.
The ECCU banking system remains stable and liquid, supported by robust capital buffers, improving capital adequacy ratios, declining non-performing loans, and excess liquidity estimated at EC$1.41 billion at the end of January 2026. Expansion of the ECCU Credit Bureau continues, with five member states now fully operational. The Council encouraged the mobilisation of excess liquidity toward productive investments, particularly in small and medium-sized enterprises and priority sectors aligned with the region’s development agenda.
While ECCU growth is projected at 3.3 per cent in 2026, the Council recognised the need to accelerate growth to approximately 7.0 per cent annually to double regional output within the next decade. Members reaffirmed their commitment to advancing the “Big Push” strategy to drive productivity, diversify economic activity, strengthen food and energy security, deepen financial markets, enhance competitiveness, and build climate resilience. Strategic priorities include improving logistics and connectivity, expanding renewable energy, strengthening human capital, and increasing financial inclusion.
The Council also welcomed legislative progress toward operationalising the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) in 2026. Alongside the launch of a Regional Biometrics Programme, these reforms are expected to enhance governance, transparency, and investor confidence.
In advancing financial modernisation, the Council approved the suspension of DCash 2.0 development to prioritise implementation of a Fast Payment System and participation in the CARICOM Payments and Settlement System pilot. The successful 2025 pilot of the ECCU Retail Bond Programme was recognised as an important step in broadening public participation in capital markets. Plans to establish an Office of Financial Conduct in 2026 were also welcomed, with a view to strengthening consumer protection and improving customer experience across the financial system.
On fiscal and debt sustainability, the Council noted that some member states are not yet on track to meet the regional debt-to-GDP target of 60 per cent by 2035. It emphasised the importance of disciplined fiscal frameworks to preserve macroeconomic stability and support durable growth.
Tourism continued to anchor regional performance in 2025, with visitor arrivals reaching approximately 3.3 million and expenditure estimated at EC$6.4 billion by the third quarter. However, the Council stressed that long-term prosperity will depend on sustained productivity gains, competitiveness, and economic diversification. The 10th Annual Growth and Resilience Dialogue, scheduled for 22–24 April 2026 under the theme “Big Push: Resilient Leadership in a Dynamic World,” will further advance these objectives.
The Council agreed that the ceremony marking the change in chairmanship will be held on 9 July 2026 in the Commonwealth of Dominica, with the 113th Meeting of the Monetary Council to convene on 10 July 2026. Irving McIntyre is expected to assume chairmanship at that time.
Prime Minister Browne reaffirmed Antigua and Barbuda’s unwavering commitment to regional cooperation and to policies that promote financial innovation, macroeconomic stability, and inclusive, sustainable growth across the Eastern Caribbean.
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His reapportionment as governor was just a way of showing kindness, after all it would have been cruel to remove after he built a lavish mansion costing tax payers way in excess of $22 million. Lord have mercy. THE POOR LITTLE MAN FEELING IT …ON DEM BACK.
That how we rewards unconscionable acts. Trump must be so proud of his minions
Reappointment*