Basseterre, St. Kitts. March 6, 2025. Prime Minister and Minister of Finance, Hon. Dr. Terrance Drew, has addressed the ongoing discussions surrounding allegations of excessive spending by the Eastern Caribbean Central Bank (ECCB), particularly regarding the construction of a residence for the Governor of the institution.
A letter from a regional head accusing the ECCB Governor of exorbitant expenditure has sparked widespread debate across St. Kitts and Nevis and the broader Eastern Caribbean Currency Union (ECCU). However, Prime Minister Drew has reiterated that the ECCB operates independently of any single member state and is accountable to the collective nations of the ECCU.
Speaking on the matter, during a Labour Government press conference, earlier today, on March 6, Dr. Drew clarified that decisions made by the ECCB are taken in the best interest of all member states and not solely by the Government of St. Kitts and Nevis, where the bank is headquartered.
“The Central Bank really has the interest of the countries that are part of the ECCU. Decisions that are made, are made with the interest of all of the countries who are part of the ECCU. So let me say, this does not come under the purview of the St. Kitts and Nevis federal government,” Dr. Drew stated.
He went on to explain that the ECCB is guided by the Monetary Council, which consists of representatives from all member states, and that the current chairperson- rotating among countries- would be responsible for addressing matters of concern.
Dr. Drew also emphasized that financial decisions, such as the provision of a residence for the Governor, are longstanding practices of the Central Bank and not tied to any particular individual.
In response to the public’s concerns, the Prime Minister assured that the ECCB is expected to handle the issue with the same level of prudence and transparency that has been a hallmark of its operations.
“I think that they are in the process of making sure that they continue their process of transparency and integrity. And that information that is being sought will be, of course, collected and be given to the people of the region,” he added.
The Prime Minister also reaffirmed confidence in the institution’s ability to address any queries.
“The Central Bank will gather all of the information that is being asked and, in a transparent and prudent way, put that information out,” he stated, confidently
Dr. Drew took the opportunity to commend the ECCB for its role in maintaining the stability of the Eastern Caribbean (EC) dollar, noting that the region has been shielded from the currency fluctuations seen in other parts of the world.
“The EC dollar is one of the most stable currencies in the world. The ECCU is well managed by the Central Bank. If you want to know if a Central Bank is worth its salt, tell me how stable your currency is and how much you have in reserve to back it. The EC dollar is one of the best-managed currencies in the world, which means that the Central Bank is doing an excellent job,” he highlighted.
While the Prime Minister refrained from commenting on specifics, he maintained that he, like others, is awaiting further details from the ECCB on the matter.
Given its commitment to governance and financial stability, it is anticipated that the ECCB will address the concerns in due course.
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