The Monetary Council of the Eastern Caribbean Central Bank held its 111th meeting in Antigua and Barbuda July 18th, 2025.


The Governor’s Report delivered by Timothy Antoine notes that the global economic environment has become considerably more uncertain.


There is an anticipated decrease in global trade with the International Monetary Fund (IMF) trimming projections for 2025 global economic growth to 2.8 per cent from its earlier projections of 3.3 per cent (April 2025 IMF World Economic Outlook Report).


The Governor reports that energy prices are expected to moderate in 2025 due to weaker global demand. That said, energy prices remain susceptible to geopolitical developments.


He says the Eastern Caribbean Currency Union economies have demonstrated marked resilience in the face of current and emerging global challenges.


The EC currency remains strong: the Backing Ratio (also known as the ratio of foreign assets to demand liabilities) is 97.5 per cent significantly above the 60.0 per cent statutory requirement.


Foreign Reserves stood at EC$5.5 billion as at 11 July 2025 up from EC$5.4 billion as at 11 October 2024. The Governor concludes that the monetary, credit and financial conditions in the ECCU remain stable and accommodative.


The ECCU’s growth outlook is projected to expand by 3.3 per cent in 2025, down from the previously projected range of 3.5 per cent to 4.5 per cent.


To address public concerns about the difficulty of opening bank accounts, the ECCB and the ECCU Bankers’ Association have launched the ECCU First Step Savings Account. Individuals are required to present only one form of valid photo ID as part of a simplified due diligence and enhanced customer experience.


This account is interest-bearing and is not subject to minimum balances. The current limit, however, for this account is$36,000.

Source Eastern Caribbean Central Bank