Wednesday, August 10, 2022

EC Dollar Remains Strong 46 Years After Being Pegged To The US Dollar

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The EC Dollar remains strong after 46 years of being pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00 on 7 July 1976.

The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N.J. Antoine, says, “the peg means 46 years of a stable EC dollar on which we can rely; the value today is the value tomorrow and the next day.”

He added that over the 46 years, the EC dollar had experienced relatively low inflation, and in spite of a number of challenges over these 46 years, the ECCB continues to manage foreign reserves prudently, thereby maintaining the strength and stability of the EC dollar.

Governor Antoine says this stability provides the people of the Eastern Caribbean Currency Union (ECCU) and investors with a sense of confidence in its value.  “A stable EC dollar allows us to enjoy the benefits that some larger countries in our region and the other parts of the world do not currently enjoy.”

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Governor Antoine gave credit to the founders and framers of the Monetary Union and all those who have served over the years including the ECCB Monetary Council; ECCB Board of Directors, and Management and staff of the ECCB and the people of the region.

“This is something of which we should be justifiable proud and long may it continue,” says Governor Antoine.

Source: Eastern Caribbean Central Bank/SLT

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

14 COMMENTS

  1. Meanwhile…..the Chinese have torpedoed BITCOIN like a bag of hot potatoes! Bitcoin billionaires are a thing of the past! Meanwhile….the clever, cunning and coniving chinese pin head picks are finding new ways closer to de-value your beloved Almighty US dollar! Ha! They’re your US biggest trading partner and every string of the US dollar is pegged up against Chinese trade! Like the saying goes…. Keep playing the chess game until you’re f*cked!

  2. Latest pronouncement form the Eastern Caribbean Central Bank with regards to Modern Monetary Theory:

    1 US dollar has the intrinsic value of 1 rainbow unicorn fart,

    therefore,

    1 EC dollar has the intrinsic value of 0.3704 rainbow unicorn fart!

    • No one mentioned intrinsic value until you brought it up. All that was mentioned was the confidence that the monetary policy brings. The only thing you mentioned of any use other than trying to make yourself sound clever is EC$1 = US$0. 37. Everything else in between can just be deleted.

      • Thanks Zeigy for enlightening us that the confidence currency racket being run by central banks around the globe is even more ephemerally toxic than a rainbow unicorn fart!

    • What did u not understand the ec dollar is pegged to the US dollar at 2.70 and your bright idea was within some caribbean islands the value is not the same ARE YOU FOR REAL. It has the same value the buying power is less between islands simply because of the manner in which they do business. It’s called trade and Inflation.

  3. if the EC Dollar is pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00 why is it that if you deposit US$1.00 the banks give you EC$2.67 but sell the US$1.00 at EC$2.70? is this because EC$2.70 is only for the banks of the ECCB cause at the end of the day nobody gets EC$2.70 for their US$ other than the banks itself.

  4. ma Malay why not go to the bank to convert your US dollars into EC and secondly you should be thankfull for this great news unlike Mexico Dominican republic they haven’t been that lucky with their currency btw the 20¢ is equivalent to 7¢ US not you can by anything with this in st Lucia?

    • i never said i have a problem with going to the bank with my US dollar what i am asking is why does it have to be this price instead of the 2.70 this guy said it is pegged at for donkey years but others give you less where it should be one fee thats all i am saying

  5. question? if the EC Dollar is pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00 from 7 July 1976 why is it that certain business places or persons have the rate at a lower price when paying them for goods? i find that is not fare cause if someone is saying that they accept the us dollar at 2.50 which leaves you paying more and having less value for your ec dollar but leaves them profiting the 2.70 when they deposit at the bank. i think every business place should have the same EC equivalent value across the board

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