Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine has lauded the strength of the EC dollar, asserting that the currency instills confidence.
Antoine spoke at a church service in St Kitts on Sunday, October 1, 2023.
It was part of the ECCB celebrating 40 years of maintaining monetary and financial stability and promoting growth and development in the Eastern Caribbean Currency Union (ECCU).
Antoine recalled that forty years ago, the Bank had around $250 million in assets.
“Forty years later, we have assets in excess of six billion dollars,” he observed to applause from the audience.
He declared that throughout the Bank’s history, people could count on the EC dollar being one US to 2.7 EC dollars.
“I was speaking to a businessman a few weeks ago, and he said, ‘Governor, I don’t know if you understand or you have any idea how much the stability of this dollar means to me, means to our business and means to the business community,'” Antoine related.
He recalled that the businessman disclosed doing business all over the world and dealing with suppliers globally, and cherishing the EC dollar’s stability.
“Not far from here and in countries far larger than our small states of the Eastern Caribbean Currency Union are currencies that do not enjoy that stability,” the ECCB Governor stated.
He observed that people could go to bed and wake up with their savings halved in value due to inflation or a change in the currency.
“We take these things for granted,” Antoine explained.
In this regard, he praised the men and women of the ECCB who work hard to keep the EC dollar strong.
Antoine also asserted that God has been good to the Bank.
The ECCB was established on 1 October 1983.
It is the monetary authority for its eight member countries: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.