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In a Christmas message, the Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine reiterated the strength of the EC dollar and noted falling inflation.
“Inflation is now falling, albeit not fast enough,” Antoine declared.
But the ECCB Governor noted that the pace of economic activity had quickened.
He observed that according to estimates, the region had grown by around 6.5 percent this year.
However, Antoine highlighted the threat of the climate crisis to macroeconomic and financial stability.
“The climate crisis remains a clear and present danger for macroeconomic and financial stability,” Antoine asserted.
He noted that 2023 was now the hottest year on record.
“Though adversely impacted by weather events, we are grateful that our region was spared a a major climatic shock,” Antoine said.
Regarding 2024, he indicated that the region was mindful of the geopolitical landscape and its risk.
Nevertheless, the ECCB projected around five percent growth in the Eastern Caribbean Currency Union (ECCU).
“The ECCB will press ahead with our work on financial stability, payment and monetisation and financial inclusion and protection, which includes the ease of opening bank accounts and fair treatment of customers by their financial institutions,” the ECCB Governor said.
Antoine also announced plans to advance collaboration on the new EC currency image.
In addition, he said the Bank would continue to ponder what it would take to double the size of the ECCU economies over the next decade.