Dominica to assume chairmanship of ECCB Monetary Council on July 9

The chairmanship of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) will be handed over to Dr. Irving McIntyre, Dominica's representative on the council. He will succeed Antigua and Barbuda's Prime Minister Gaston Browne, who previously served as chairman.

The official handover ceremony would be conducted on 9 July at the Trafalgar Ballroom, InterContinental Dominica Cabrits Resort, Commonwealth of Dominica from 5:00 pm onwards.

The Monetary Council is the highest decision-making body of the Eastern Caribbean Central Bank. This Council comprises the Ministers responsible for Finance of the ECCB’s eight member governments. The chairmanship rotates annually, in alphabetical order, among the ECCB member countries. Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines are all the member countries of the ECCB.

The ceremony will commemorate the 50th anniversary of the EC dollar’s fixed exchange rate (peg) to the United States dollar. The main highlight of the ceremony will be the unveiling of the new family of EC banknotes and coins.

The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for the member countries and territories. It plays a significant role in maintaining economic harmony across the region.

The ECCB acts as a financial backbone for over 600,000 citizens and operates with a clear motive to safeguard the integrity of the Eastern Caribbean dollar. It also ensures that the regional banking system stays stable.

Unlike traditional Central banks that serve a single nation, the ECCB manages multiple countries of the Caribbean region. There are three main pillars of this system including the issuance of a single common currency, a shared pool of foreign exchange reserves, and a unified Monetary Council. The Monetary Council is the highest decision making body of the ECCB.

The bank is continuously pushing towards advancements by initiatives like ‘The Big Push’ roadmap, expanding electronic payment solutions, and by developing regional capital markets. This will significantly help foster collective economic growth and shared development among the eight member countries.