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Antoine: ‘Our EC Dollar Remains Very Strong’

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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.

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5 COMMENTS

  1. And right on cue, we get little Timmy Antoine, the castrato, lustily singing a mezzo-soprano aria for his supper, in his role as the economic hitman for the US empire in the OECS!

    His frequent evangelical solos, of late, reveal the utter desperation of the US empire to hide its failure to restrain the BRICs behemoth on the world economic stage!

  2. Antoine need to keep quiet the majority of st Lucians in the private sector work from hand to mouth low wages that take us nowhere in life can you imagine that you are out there working your ass off and still can’t afford the basic things in life ..

  3. Is this all that nan can say? Boy clearly u should not have been in that job. Toute bahgai ec dollar strong.

  4. I have noticed indeed the frequent propaganda that is being peddle by this individual, reason i used the term PROPAGANDA it is because for obvious reasons of Inflation. Commodities by economic calculation ultimately deals with inflation. Inflation then translates to cost of living followed by substance. The EC dollars was long established as the union trade currency, which bind itself into the OECS, the OECS is now bind to the US Foreign Exchange Commission which in terms served as the backbone of all US trade treaties/organizations. So therefore, ONLY if the US trade currency devalue or lost its number one trading position then such value ultimately affects the EC$ (XCD). For this to possibly happen, is not because of other trading partners establish, it is because of the various Allies and NATO countries who collected hand out, trade and support the US trade policies. So, in short or layman terms the EC$ will remain at the same value as long as the USD remains the same. EC$ is not dominated by currency trade, it is being recognized but the end factor is that the transit currency is US$ therefore there is a conversion from EC$ to USD then to destination currency. These crooknomics needs to speak simple lay man language and make it effective.

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