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.”
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