Communiquรฉ of the 112th Meeting of the ECCB Monetary Council
Communiquรฉ of the 112th Meeting of the ECCB Monetary Council
BASSETERRE, SAINT KITTS AND NEVIS, February 16, 2026 /EINPresswire.com/ -- The Monetary Council of the Eastern Caribbean Central Bank (ECCB) convened its One Hundred and Twelfth (112th) Meeting on 13 February 2026 at the ECCB Campus in Saint Christopher (St Kitts) and Nevis, under the chairmanship of the Honourable Gaston A. Browne, Prime Minister and Minister for Finance of Antigua and Barbuda.The Council met against a backdrop of evolving global dynamics, shifting geopolitical conditions, and persistent structural challenges within the Eastern Caribbean Currency Union (ECCU). The deliberations focused on safeguarding monetary and financial stability while accelerating structural transformation under the regionโs Big Push for Shared Prosperity and Resilience.
๐ญ.๐ฌ ๐๐๐๐๐๐ฅ๐ฆ๐๐๐ฃ ๐๐ข๐ก๐ง๐๐ก๐จ๐๐ง๐ฌ ๐๐ก๐ ๐๐ก๐ฆ๐ง๐๐ง๐จ๐ง๐๐ข๐ก๐๐ ๐ฆ๐ง๐๐๐๐๐๐ง๐ฌ
The Monetary Council confirmed the re-appointment of Mr Timothy N.J. Antoine as Governor of the ECCB for a term of five (5) years, effective 1 February 2026.
The Council underscored the importance of leadership continuity at a time when the region must pursue bold and coordinated policy action to maintain stability and secure durable growth, diversification and resilience.
๐ฎ.๐ฌ ๐ ๐ข๐ก๐๐ง๐๐ฅ๐ฌ ๐๐ก๐ ๐๐ซ๐ง๐๐ฅ๐ก๐๐ ๐ฆ๐ง๐๐๐๐๐๐ง๐ฌ: ๐ ๐ฆ๐ง๐ฅ๐ข๐ก๐ ๐๐ก๐๐๐ข๐ฅ
The Council reviewed the Governorโs Report on monetary, credit and financial conditions in the Eastern Caribbean Currency Union titled:
โ๐๐๐๐จ ๐ฎ๐ฌ๐ฎ๐ฒ ๐ฎ๐ป๐ฑ ๐๐ฒ๐๐ผ๐ป๐ฑ: ๐๐ผ๐น๐ฑ ๐ฃ๐ผ๐น๐ถ๐ฐ๐ถ๐ฒ๐ ๐ณ๐ผ๐ฟ ๐๐ถ๐ด๐ด๐ฒ๐ฟ ๐ฎ๐ป๐ฑ ๐ ๐ผ๐ฟ๐ฒ ๐ฅ๐ฒ๐๐ถ๐น๐ถ๐ฒ๐ป๐ ๐๐ฐ๐ผ๐ป๐ผ๐บ๐ถ๐ฒ๐.โ
The Council reaffirmed that monetary and financial stability remain the bedrock of the ECCUโs development strategy.
The EC dollar remains strong and credible.
The Backing Ratio stands at 99.5 per centโwell above the statutory minimum of 60.0 per cent.
Foreign reserves total EC$5.83 billion.
๐๐๐น๐ ๐ฎ๐ฌ๐ฎ๐ฒ ๐๐ถ๐น๐น ๐บ๐ฎ๐ฟ๐ธ ๐๐ต๐ฒ ๐ฑ๐ฌ๐๐ต ๐ฎ๐ป๐ป๐ถ๐๐ฒ๐ฟ๐๐ฎ๐ฟ๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐๐ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ ๐ฝ๐ฒ๐ด ๐ฎ๐ ๐๐$๐ฎ.๐ณ๐ฌ ๐๐ผ ๐จ๐ฆ$๐ญ.๐ฌ๐ฌ.
In light of stable domestic conditions and moderating global inflation, the Council agreed to:
- Maintain the Minimum Savings Rate at 2.0 per cent; and
- Maintain the Discount Rate at 3.0 per cent (short-term) and 4.5 per cent (long-term).
The Council reaffirmed that the stability of the currency union remains non-negotiable and central to investor confidence and regional prosperity.
๐ฏ.๐ฌ ๐๐๐ข๐๐๐ ๐๐ข๐ก๐ง๐๐ซ๐ง: ๐ฉ๐๐๐๐๐๐ก๐๐ ๐๐ก ๐ ๐ง๐๐ ๐ ๐ข๐ ๐๐๐๐๐๐ง๐๐ก๐๐ ๐จ๐ก๐๐๐ฅ๐ง๐๐๐ก๐ง๐ฌ
The Council noted that global growth is projected at 3.3 per cent in 2026 and 3.2 per cent in 2027, supported by technological investment and easing inflationary pressures.
However, risks remain elevated due to:
- Geopolitical tensions;
- Shifting international trade and policy regimes;
- Commodity price volatility; and
- Uncertainty surrounding global mobility and financial flows.
- The Council emphasised the need for policy agility and strategic partnerships to mitigate external vulnerabilities.
๐ฐ.๐ฌ ๐๐๐ก๐๐ก๐๐๐๐ ๐ฆ๐ง๐๐๐๐๐๐ง๐ฌ
The ECCU banking sector remains stable and highly liquid, supported by strong capital buffers, a rising capital adequacy ratio, and a declining non-performing loans (NPL) ratio. Excess liquidity was estimated at EC$1.41 billion as at the end of January 2026.
The ECCU Credit Bureau continues to expand its reach. Five member countriesโAntigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadinesโare now live on the credit bureau system.
The Council endorsed continued efforts to channel liquidity toward productive investment, particularly SMEs and priority sectors under the Big Push framework.
๐ฑ.๐ฌ ๐ง๐๐ ๐๐๐ ๐ฃ๐จ๐ฆ๐: ๐๐ฅ๐ข๐ ๐ฅ๐๐ฆ๐๐๐๐๐ก๐๐ ๐ง๐ข ๐๐๐๐๐๐๐ฅ๐๐ง๐๐ข๐ก
While ECCU growth is projected to improve modestly to 3.3 per cent in 2026, the Council acknowledged that this remains significantly below the approximately 7.0 per cent annual growth required to double regional output over the next decade.
The Council therefore affirmed its commitment to advancing the Big Pushโa coordinated regional strategy to:
- Raise productivity;
- Diversify economic activity;
- Strengthen food and energy security;
- Deepen financial markets;
- Enhance competitiveness; and
- Build climate resilience.
The Council stressed that the regionโs challenges are structural rather than cyclical. Sustained acceleration will require deliberate reform, targeted investment, and stronger regional coordination.
The Council agreed on four strategic Theatres of Transformation as central to the Big Push agenda:
๐ญ. Food Security
๐ฎ. Energy Security: Reducing import dependence, scaling renewable energy, and strengthening climate-smart agriculture to improve resilience and ease cost-of-living pressures.
๐ฏ. Logistics and Connectivity: Modernising ports, shipping, and inter-island transport to reduce transaction costs and improve regional integration.
๐ฐ. Financial Deepening and Inclusion: Expanding access to credit, capital markets, and digital payments to support entrepreneurship and private sector growth.
๐ฑ. Human Capital and Productivity: Addressing youth unemployment, skills mismatches, and outward migration through targeted education, training, and innovation strategies.
The Council underscored that implementation discipline and measurable targets will be critical to success.
๐ฒ.๐ฌ ๐๐๐ง๐๐ญ๐๐ก๐ฆ๐๐๐ฃ ๐๐ฌ ๐๐ก๐ฉ๐๐ฆ๐ง๐ ๐๐ก๐ง ๐ฅ๐๐๐ข๐ฅ๐ ๐๐ก๐ ๐๐ข๐ฉ๐๐ฅ๐ก๐๐ก๐๐
The Council welcomed the enactment of the ECCIRA Agreement into national law by the participating ECCU member countries, paving the way for the operationalisation of the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) in 2026.
Together with the launch of a Regional Biometrics Programme, these reforms are expected to:
- Strengthen governance and due diligence;
- Enhance transparency and credibility; and
- Support sustained investor confidence.
The Council reaffirmed its commitment to high standards of integrity and regulatory oversight in this strategically important sector.
๐ณ.๐ฌ ๐๐๐ก๐๐ก๐๐๐๐ ๐๐ก๐๐๐จ๐ฆ๐๐ข๐ก
The Council approved the suspension of DCash 2.0 development to prioritise:
- Development of the Fast Payment System; and
- Participation in the CARICOM Payments and Settlement System (CAPSS) pilot.
The successful pilot of the ECCU Retail Bond Programme in 2025 was noted as a milestone in broadening household participation in capital markets and deepening regional financial integration.
The Council expressed concerns about the ease and experience of customers doing business with financial institutions in the ECCU and welcomed the ECCBโs plans to commence operations of the Office of Financial Conduct in 2026 to enhance consumer protection and strengthen confidence in the financial system.
๐ด.๐ฌ ๐๐๐ฆ๐๐๐ ๐๐ก๐ ๐๐๐๐ง ๐ฆ๐จ๐ฆ๐ง๐๐๐ก๐๐๐๐๐๐ง๐ฌ
The Council noted that some member countries were not on track to secure the Debt-GDP ratio of 60 per cent by 2035. It acknowledged ongoing efforts by member governments to strengthen fiscal and debt sustainability and the necessity for fiscal resilience frameworks in a climate of constant shocks.
Sustainable fiscal policy remains essential to preserving macroeconomic stability and supporting long-term growth.
๐ต.๐ฌ ๐๐ฅ๐ข๐ช๐ง๐ ๐๐ก๐ ๐๐ข๐ ๐ฃ๐๐ง๐๐ง๐๐ฉ๐๐ก๐๐ฆ๐ฆ
Tourism continued to underpin growth in 2025, with total visitor arrivals reaching approximately 3.3 million and expenditure estimated at EC$6.4 billion by the third quarter.
However, the Council emphasised that sustainable growth requires moving beyond recovery toward structural competitiveness, productivity enhancement, and diversification.
The upcoming 10th Annual Growth and Resilience Dialogue (22โ24 April 2026), under the theme โ๐๐ถ๐ด ๐ฃ๐๐๐ต: ๐ฅ๐ฒ๐๐ถ๐น๐ถ๐ฒ๐ป๐ ๐๐ฒ๐ฎ๐ฑ๐ฒ๐ฟ๐๐ต๐ถ๐ฝ ๐ถ๐ป ๐ฎ ๐๐๐ป๐ฎ๐บ๐ถ๐ฐ ๐ช๐ผ๐ฟ๐น๐ฑ,โ will further advance this strategic agenda.
๐ญ๐ฌ. ๐๐๐ง๐ ๐๐ก๐ ๐ฉ๐๐ก๐จ๐ ๐ข๐ ๐ญ๐ญ๐ฏ๐ง๐ ๐ ๐๐๐ง๐๐ก๐ ๐ข๐ ๐ง๐๐ ๐ ๐ข๐ก๐๐ง๐๐ฅ๐ฌ ๐๐ข๐จ๐ก๐๐๐
Council agreed that the Ceremony to mark the change in Chairmanship of the Monetary Council will be held on Thursday, 09 July 2026 in the Commonwealth of Dominica. The 113th Meeting of the Monetary Council will be convened on Friday, 10th July 2026.
The Honourable Dr Irving McIntyre, Minister for Finance, Commonwealth of Dominica, is due to assume Chairmanship of the Council.
๐ญ๐ญ. ๐ฃ๐๐ฅ๐ง๐๐๐๐ฃ๐๐ง๐๐ข๐ก
Council Members attending the meeting were:
๐ญ. Honourable Gaston Browne, Prime Minister and Minister for Finance, Antigua and Barbuda (Chairman)
๐ฎ. Honourable Cora Richardson-Hodge, Premier and Minister for Finance, Anguilla
๐ฏ. Honourable Dr Irving McIntyre, Minister for Finance, Commonwealth of Dominica
๐ฐ. Honourable Dennis Cornwall, Minister for Finance, Grenada
๐ฑ. Honourable Reuben Meade, Premier and Minister for Finance, Montserrat
๐ฒ. Honourable Dr Terrance Drew, Prime Minister and Minister for Finance, Saint Christopher (St Kitts) and Nevis
๐ณ. Honourable Wayne Girard, Monetary Council Alternate and Minister for Economic Development and Youth Economy, Saint Lucia
๐ด. Honourable Dwight Fitz-Gerald Bramble, Monetary Council Alternate and Minister for Foreign Affairs, Foreign Trade, Foreign Investment and Diaspora Affairs, Saint Vincent and the Grenadines
13 February 2026
Shermalon Kirby
Eastern Caribbean Central Bank
+1 869-465-2537
email us here
Presentation of Communiquรฉ of the 112th Meeting of ECCB Monetary Council
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