The event marked not only the transition of leadership from Anguilla’s Premier, Hon. Cora Richardson-Hodge, to Antigua and Barbuda’s Prime Minister, Hon. Gaston Browne, but also a renewed focus on financial resilience and economic transformation within the Eastern Caribbean Currency Union (ECCU).

Since its establishment in 1983, the ECCB has played a critical role in maintaining the stability of the EC dollar and promoting sound monetary policy across the eight-member currency union.

Over the last four decades, the EC dollar has maintained a fixed exchange rate of EC$2.70 to US$1, a cornerstone of economic confidence in the region.

ECCB Governor Timothy Antoine addressed one of the most frequently asked questions by citizens of the ECCU: “Is our EC dollar still strong, and are my deposits safe? Today I affirm that the EC dollar remains very strong, with a current backing of 97.5%.”

The currency backing ratio, one of the highest in the world, demonstrates the ECCB’s long-standing commitment to financial security and prudent monetary management.

Outgoing Chair, Premier Richardson-Hodge, expressed her confidence in the continued success of the institution, describing the ECCB as a driver of “transformation, innovation, and inclusion.”

She praised the institution’s record and expressed full trust in Prime Minister Browne’s leadership as he begins his tenure as Chair of the Monetary Council.

In his remarks, Prime Minister Browne called for an evolution in the region’s approach to economic policy, noting that traditional central banking models often do not reflect the realities of small island developing states.

He urged the ECCB to continue playing a catalytic role in mobilising domestic investment and strengthening the region’s foreign exchange earning potential.

The Monetary Council serves as the highest decision-making body of the ECCB and is responsible for setting monetary and fiscal policy across the ECCU.

Member states include Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.