ECCB Weighs Using Billions in Reserves as Leaders Unveil ‘Big Push’ to Transform Eastern Caribbean Economy

The Eastern Caribbean Central Bank (ECCB) is actively evaluating a proposal that could unlock billions in regional financial resources for development, as Caribbean leaders unveiled an ambitious economic strategy aimed at accelerating growth, strengthening food and energy security, and safeguarding the future of the Eastern Caribbean Currency Union.

The announcement came during the 113th Meeting of the ECCB Monetary Council held on July 10, 2026, at the Intercontinental Dominica Cabrits Resort, where Finance Ministers and regional leaders also marked 50 years of monetary stability under the EC dollar.

Newly appointed Chairman of the Monetary Council and Dominica’s Minister for Finance, Dr. Irvin McIntyre, revealed that the EC dollar remains one of the strongest currencies in the region, backed by a reserve ratio of 97.6 percent—well above the statutory minimum requirement of 60 percent. As a result, the Council agreed to maintain the minimum savings rate at 2 percent and the discount rate at 3 percent.

“Building on five decades of monetary stability, the Monetary Council reaffirmed its commitment to safeguarding the EC dollar while advancing policies that strengthen resilience, competitiveness, and shared prosperity across the Eastern Caribbean Currency Union,” Dr. McIntyre said.

One of the meeting’s most closely watched discussions focused on a proposal by Antigua and Barbuda’s Prime Minister Gaston Browne to deploy between five and seven percent of the ECCB’s reserves to finance strategic regional development projects under an initiative dubbed The Big Push.

Dr. McIntyre confirmed the proposal is now under active consideration.

“Yes, it was discussed in length this morning at our meeting. As to the final figures that would be put towards the different areas of the big push, this is what we need to finalize,” he said.

ECCB Governor Timothy Antoine also disclosed plans to unlock approximately EC$143 million (US$50–55 million) in unclaimed bank deposits by amending the Banking Act. The funds could provide seed financing for regional projects, including the proposed OECS Air.

“The governments will soon be taking to parliaments [for] the amendment to the Banking Act to allow us to access for the Big Push these unclaimed deposits,” Governor Antoine said. He added that depositors would remain fully protected, with claims becoming permanent rather than expiring after 30 years under the proposed legislation.

The Monetary Council also approved an additional EC$25 million grant to strengthen food and nutrition security across member states, matching a similar allocation made in February 2025. Dr. McIntyre described food security as one of the region’s two highest priorities, pointing to investments in greenhouse agriculture and tissue culture laboratories as part of the long-term strategy.

The Council further acknowledged that geopolitical tensions in the Middle East continue to push inflation higher through increased import and energy costs. According to Dr. McIntyre, governments across the Currency Union are implementing targeted measures—including tax relief on essential goods—to reduce the burden on households, while energy security remains a central pillar of The Big Push agenda.

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