THE Eastern Caribbean Central Bank (ECCB) has published its Independent Auditors’ Report and Financial Statements for the Financial Year ended 31 March 2023.
The ECCB has recorded a net loss of $54.5 million for the 2022-2023 financial year. The loss represents a $5.4 million increase over the previous financial year. The deteriorated performance was largely driven by significant losses on the sale of foreign investment securities and U.S. Agency Mortgage-Backed Securities, as the Bank repositioned its foreign reserves portfolio, considering interest rates globally rose at high levels over the financial year.
The Governor of the ECCB, Timothy N. J. Antoine says the 2023-2024 financial year will be a ‘bounce back’ year for the Bank due to the projected slowdown or cessation of interest rate hikes by the US Federal Reserve, and elevated interest rates
Governor Antoine adds that, the Bank remains ever-more committed to advancing its strategic goals in support of its member countries, which continued to face a very challenging economic and policy environment.
During the 2022-2023 financial year, the ECCB advanced a number of key initiatives, guided by its 2022-2026 Strategic Plan. Those included the development of a Payment System Vision and Strategy for the Eastern Caribbean Currency Union (ECCU); the establishment of an Office of Financial Market Conduct; and continued strong vigilance of the ECCU banking sector.
The Bank also captured two prestigious international Central Banking awards during the year: The Green Initiative Award for its Greening of the ECCB Campus Initiative, and the Communication Initiative of the Year Award for the production of its public education programme – ECCB Connects.
Looking ahead, Governor Antoine calls for a ‘Big Push’ across the region. This ‘Big Push’ he says is a call to implement innovative and transformative policies and initiatives to double the size of the ECCU economy for the benefit of the people of the region.
The ECCB’s 2022-2023 Independent Auditors’ Report and Financial Statements is available on the Bank’s website and social media platforms.