After three years of losses, the Eastern Caribbean Central Bank (ECCB) has posted a profit, and Governor Timothy Antoine said the institution will continue on this track.
“We expect that we would make a small profit at the end of this fiscal year, after three years of losses, and we have every expectation and plans to increase the profitability of the bank going forward,” said Antoine, who took over from the late Sir Dwight Venner in February last year.
Stressing he was encouraged by the progress recorded, Antoine said he was even more pleased that the Eastern Caribbean dollar remained strong.
The ECCB Governor also highlighted the robust performance of the Eastern Caribbean Currency Union (ECCU), citing “improvement in the performance of our national banks and our international banks; whether you look at capital adequacy or you look at profitability, we saw improvement.”
He was also buoyed by the signs of positive growth within the Organization of Eastern Caribbean States (OECS) economies and, more so, the “slight reduction” in national debt and improvement in the fiscal accounts.