Eastern Caribbean Central Bank (ECCB) Governor Timothy Antoine has reiterated the strength of the EC dollar in an address to the Bank’s 40th Anniversary Global Conference.
“We have backed our currency with strong foreign reserves, and the recent pandemic and previous shocks attest. I wish to report this morning as your Governor that our EC dollar remains very strong,” Antoine told the event.
“At this moment, the backing is 94.7 percent,” the ECCB Governor disclosed.
He explained that the law requires sixty percent.
However, Antoine told his audience that before the COVID-19 pandemic, the figure was just over one hundred, while it fell to around eighty-nine/ ninety during the pandemic.
“We are back up to almost ninety-five. We are trending back up,” the ECCB official stated.
“What this proves is the potency of our decision to hold these reserves, which are costly we accept, but which we see as a veritable insurance policy,” Antoine noted.