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Home News Local News PM Harris Assumes Chairmanship of ECCB's Monetary Council

PM Harris Assumes Chairmanship of ECCB’s Monetary Council

St Kitts and Nevis (WINN): Prime Minister Dr. Timothy Harris assumed the chairmanship of the Eastern Caribbean Central Bank’s Monetary Council on Friday (July 24).

He said key areas of focus include continuing the battle against many
laundering. The Federation’s Prime Minister also urged his fellow
leaders to press on with the necessary work to establish a credit
bureau.

“The Monetary Council will continue to address threats such as the loss
of Correspondent Banking relationships, money laundering, and terrorist
financing. Additionally, the bank will forge ahead with the establishment
of a credit bureau and a deposit insurance system for the ECCU. These
initiatives will create more opportunities for business startups and
expansion while strengthening the resilience of the financial sector. St
Kitts and Nevis is one of the five-member governments which have already
passed the Credit Reporting Bill and has also issued the credit
reporting regulations for the establishment of the credit bureau. I want
to urge colleague heads who have not yet done so to prioritize these
bills on their legislative agenda.’

Dr. Harris said efforts would be redoubled to launch the digital
currency mechanism in the Caribbean.

“Over the next twelve months, the Monetary Council will redouble its
efforts to support the digital transformation of our region. In this
vein, I look forward to the launch of the ECCB’s Digital EC Cash pilot.
The Monetary Council will consider a modern payment system and service
legislation as we press forward with the modernization of our payment
system. We look forward to fast track implementation of the Caribbean
Digital Transformation Program funded by the World Bank. The program
aims to construct an inclusive digital economy to increase broadband
connectivity, access to public services, access to digital financial
services, and digital skills by businesses and individuals.”

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