PM Harris hands over chair of ECCB’s Monetary Council to Joseph Farrell

After serving the ECCB for a period of one year, Prime Minister Harris transferred the chair to the Premier and Council Member for Montserrat - Joseph Farrell, during a live virtual ceremony.

Saint Kitts and Nevis: The Prime Minister of St. Kitts and Nevis – Dr Timothy Harris, concluded his year-long work as the Chair of the Monetary Council of the Eastern Caribbean Central Bank – ECCB on Friday, July 23, 2021. 

After serving the ECCB for a period of one year, Prime Minister Harris transferred the chair to the Premier and Council Member for Montserrat – Joseph Farrell, during a live virtual ceremony.

Under the chairmanship of Dr Harris’, the Monetary Council mainly focused on the maintenance of financial stability of the Currency Union, accommodative efforts to alleviate the financial repercussions of COVID-19. The Council Chair position is switched among the member its nations in an alphabetical order on an annual basis.

With this, the monetary council also focused on the special policy meetings on various matters such as – renewable energy, the tourism sector and digitalization. These all sectors are of great importance for the economic recovery of the Currency Union.

The 99th meeting of the Monetary Council would take place soon, shortly after the handing over ceremony. In addition, the council members would be receiving the Governor’s Report on Money, Credit and Financial Conditions in the Eastern Caribbean Currency Union – ECCU.

The Monetary Council is the most formidable decision making authority of the ECCB. The Monetary Council comprises the eight Ministers for Finance of the ECCU member nations such as – Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.

About ECCB – 

ECCB is the central bank for the – Eastern Caribbean dollar & is also the monetary authority for the Organisation of Eastern Caribbean States – OECS members, except for the British Virgin Islands, Guadeloupe and Martinique. It was established in October 1983.

Two of ECCB’s core mandates are – maintaining the price & financial sector stability by acting as a stabilizer and safe-guard of the banking system in the Eastern Caribbean Economic and Currency Union OECS/ECCU.