Browne Chairs 112th ECCB Monetary Council Meeting, Reaffirms Commitment to Regional Stability and Growth

Prime Minister Gaston Browne on Friday chaired the 112th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), as regional leaders assessed economic conditions and charted a path toward stronger, more resilient growth across the Eastern Caribbean Currency Union (ECCU).

The meeting, convened at the ECCB Campus in Saint Kitts and Nevis with Browne participating remotely, came at a time of evolving global economic shifts and heightened geopolitical uncertainty. Council members focused their discussions on safeguarding monetary and financial stability while accelerating the region’s transformation agenda to ensure long-term sustainability.

A major decision emerging from the meeting was the reappointment of Timothy N.J. Antoine as Governor of the ECCB for another five-year term, effective February 1, 2026. The Council underscored that leadership continuity is critical as the ECCU advances coordinated, forward-looking policies designed to promote growth, diversification and economic resilience.

In reviewing the Governor’s report, titled “ECCU 2026 and Beyond: Bold Policies for Bigger and More Resilient Economies,” the Council reaffirmed that monetary and financial stability remain the cornerstone of the region’s development strategy. The EC dollar continues to demonstrate strength and credibility, supported by a backing ratio of 99.5 per cent, well above the statutory minimum of 60 per cent and foreign reserves totalling 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.

With domestic conditions stable and global inflation moderating, 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 preserving the integrity of the currency union is essential to maintaining investor confidence and supporting regional prosperity.

The Council also reviewed the global outlook, noting projected global growth of 3.3 per cent in 2026 and 3.2 per cent in 2027. However, it cautioned that risks remain elevated due to geopolitical tensions, shifting trade policies, commodity price volatility and uncertainties surrounding global mobility and financial flows. Leaders stressed the importance of policy agility and strengthened partnerships to mitigate external vulnerabilities.

Within the banking sector, the ECCU system was reported to be stable and liquid, bolstered by strong capital buffers, improving capital adequacy ratios and declining non-performing loans. Excess liquidity stood at an estimated EC$1.41 billion at the end of January 2026. The Council encouraged greater mobilisation of these funds toward productive investments, particularly in small and medium-sized enterprises and priority sectors aligned with the region’s development goals.

Although regional growth is projected at 3.3 per cent in 2026, the Council acknowledged the need to accelerate annual growth to approximately 7.0 per cent in order to double regional output within the next decade. Members reaffirmed their commitment to advancing the “Big Push” strategy, aimed at boosting productivity, strengthening food and energy security, deepening financial markets, enhancing competitiveness and building climate resilience.

The Council also welcomed legislative progress toward operationalising the Eastern Caribbean Citizenship by Investment Regulatory Authority in 2026, alongside the launch of a Regional Biometrics Programme intended to strengthen governance and transparency. In advancing financial modernisation, members approved the suspension of DCash 2.0 development in favour of implementing a Fast Payment System and participating in the CARICOM Payments and Settlement System pilot.

The 113th Meeting of the Monetary Council is scheduled for July 10, 2026, in the Commonwealth of Dominica, following a formal change of chairmanship ceremony the day before, when Prime Minister Irving McIntyre is expected to assume the role. Browne reaffirmed Antigua and Barbuda’s commitment to regional cooperation and to policies that promote financial innovation, macroeconomic stability and inclusive, sustainable growth across the Eastern Caribbean.