The Eastern Caribbean Central Bank (ECCB) recorded a net loss of $54.5 million for the 2022-2023 financial year. The loss represents a $5.4 million increase over the previous financial year.

This, as the ECCB published its Independent Auditors’ Report and Financial Statements for the Financial Year ended March 31st 2023. A net loss is when total expenses exceed the income or revenue produced for a given period of time.

The performance was largely driven by significant losses on the sale of foreign investment securities and U.S. Agency Mortgage-Backed Securities, as the Bank repositioned its foreign reserves portfolio, considering interest rates globally rose at high levels over the financial year.

Governor of the ECCB, Timothy N. J. Antoine, says the 2023-2024 financial year will be a ‘bounce back’ year for the Bank due to the projected slowdown or cessation of interest rate hikes by the US Federal Reserve, and elevated interest rates.

Governor Antoine added that, the Bank remains ever-more committed to advancing its strategic goals in support of its member countries, which continued to face a very challenging economic and policy environment.