ECCU Monetary Council Receives Update on Matters, Notes Fiscal Measures Taken to Cushion Impact of Higher Living Costs –

Source: Erasmus Williams FB
BASSETERRE, ST. KITTS, July 12, 2026 – The Monetary Council of the Eastern Caribbean Union has welcomed continued progress in advancing financial inclusion across the ECCU. It noted that the ECCU First Step Savings Account is expanding access to simple, affordable banking services for first-time account holders and other eligible individuals, with at least 17 Licensed Financial Institutions offering the account.

“The Council also received updates on the CARICOM Payments and Settlement System (CAPSS) Pilot and the Fast Payment System, two flagship initiatives under The Big Push. CAPSS will facilitate instant cross-border payments in local currencies, reducing transaction costs and reliance on correspondent banking. The Fast Payment System will enable real-time, 24/7 electronic payments across the ECCU.

“Together, these initiatives will strengthen regional financial integration, improve payment efficiency and enhance financial inclusion,” the ECCU said in a statement following its 113th meeting in Dominica.

“The Council also reaffirmed the importance of retail bond issuances in broadening access to investment opportunities for citizens and advancing the Strategic Priority of Financial Inclusion and Wealth Creation under The Big Push,” the communique said

The Council also acknowledged the fiscal measures implemented by Member Governments to help cushion the impact of higher living costs on households and businesses. It noted that maintaining fiscal sustainability requires ECCU Governments to strengthen sustainable domestic revenue mobilisation while managing expenditure growth responsibly.

The Council further noted that where ECCU Governments have implemented measures to cushion vulnerable households from adverse price shocks, they should be targeted and fiscally sustainable. It emphasised that such measures should include a clear sunset clause so that they remain temporary and are subject to regular review