ECCB celebrates 42nd year of EC Dollar peg to US Dollar

By ECCB

(PRESS RELEASE VIA SNO) – The Eastern Caribbean Central Bank (ECCB) is celebrating 42 years since the EC Dollar has been pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00.

The EC Dollar was pegged to the US Dollar on 7 July 1976. Governor of the Eastern Caribbean Central Bank, Timothy N. J. Antoine said, this is a noteworthy achievement which has allowed the people of the Eastern Caribbean Currency Union to enjoy a fixed exchange regime.

“The fact that we have free convertibility between the EC and US Dollars, is not something that every country enjoys. The stability of the EC currency has led to low inflation and has attracted Foreign Direct Investment which have worked towards the benefit of the people in our region,” Governor Antoine said.

A key element in maintaining the value and stability of the currency is the ECCB’s management of the region’s pool of foreign reserves which has allowed the peg to continue unchanged for the last 42 years.

Governor Antoine also attributed the stability of the EC Dollar to the founding fathers and framers of the currency union, including past Governors, the Monetary Council and the Board of Directors whose efforts he said, have allowed the currency to stand the test of time even in a volatile global economy.

(0)(0)
This article was posted in its entirety as received by stlucianewsonline.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

One comment

  1. This is perhaps the best thing ever to happened to W. Arthur Lewis's "The Little Eight" after the very famous "1 from 10 leaves nought".

    Only Barbados has managed not to mismanage its currency relationships and to succumb. See what happened to Jamaica and TNT?

    Lest we forget, the TNT dollar just missed a similar free-fall devaluation, as did the Jamaican dollar.

    Look at the dismal and egregious domestic economic performance, mismanagement and failures that have happened here in Saint Lucia in recent years. The ECCB relationship even today, assists with risk management, and protects member countries from their inexperience and the foolishness of political experiments, with leaders whose mindless attraction to Castro-styled socialism and communism, is similar to that of moths to a light bulb.

    (1)(0)
  2. Advertisement

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.