ECCU commemorates 34th Anniversary of EC dollar pegged to the US dollar

Wednesday, 7 July 2010 marks 34 years since the EC dollar was pegged to the US dollar at a fixed rate of EC$2.70 to US$1.00 on 7 July 1976.

Prior to this, the EC currency was fixed to the pound sterling at an exchange rate of EC$4.80 to £1.00. The decision to change the peg was made following the depreciation of the pound sterling and the emergence of the United States of America as the region’s major trading partner. At the time of the shift, the exchange rate of EC$2.70 was equivalent to the exchange rate of the pound sterling to the US dollar.

The maintenance of a strong and stable currency is achieved through the policies adopted by the Eastern Caribbean Central Bank (ECCB) which ensures that there are adequate foreign reserves available for consumers and investors to conduct business with confidence. This includes setting limits for government borrowing and the extension of credit to governments and commercial banks by the ECCB. In the 2009/2010 ECCB Annual Report presentation, Governor Venner reported that the foreign reserve backing of the currency was 93.93%, which far exceeded the required reserve rate of 60%.

The member countries of the Eastern Caribbean Currency Union continue to enjoy the security provided by the stable currency as they join forces on the path towards regional integration under the umbrella of the OECS Economic Union. For more information visit our website: http://www.eccb-centralbank.org/pegwindow.asp

Disclaimer: The comments on this page do not necessarily reflect the views of DominicaNewsOnline.com/Duravision Inc. All comments are approved by DominicaNewsOnline.com before they are posted. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • violate or infringe the rights of any person, are defamatory or harassing or include personal attacks
  • are abusive, profane or offensive
  • contain material which violates or encourages others to violate any applicable law
  • promote hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are excessively long and off-message

See our full comment/user policy/agreement.

4 Comments

  1. July 9, 2010

    @Jacintha Detouche: @Jacintha Detouche: how is it destroying the eastern caribeean?

  2. Anonymous
    July 8, 2010

    The Barbadians don’t recognise the EC currency!

  3. Jacintha Detouche
    July 8, 2010

    Criminals! How can u celebrate a peg that is destroying the eastern caribbean?

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available