As the Eastern Caribbean Central Bank (ECCB) marks its 30th anniversary on October first, Governor of the institution, the Hon Sir Dwight Venner, says maintaining the stability of the EC Dollar and the Eastern Caribbean Currency Union (ECCU) financial system, has been the bank’s major achievement over the years of its existence.
In an interview with his office staff on Tuesday, he said the EC Dollar has been pegged on the US dollar at a rate of EC$2.70 to US$1 since 1976.
“I think we have maintained the stability of the regional arrangement. You can see it in the stability of the currency which is now 37 years and also in our ability to maintain the financial stability in the region, which is in our vision statement.” he said.
“We have managed to keep our banking system stable and we hope to improve it so we can supply the services that are needed for our development,” he noted.
He said that as the global crisis continues to affect the economic performance of the ECCU member countries, the ECCB, in collaboration with its member governments and with the support of regional and international agencies, has been implementing measures to strengthen the ECCU financial system.
In looking ahead, Governor Venner, said the support of the people of the ECCU for the ECCB and the new Economic Union Treaty will be important as the Bank continues to fulfill its mandate.
“Now that we are moving towards an Economic Union, the role of the bank will be increased. When the first O.E.C.S Treaty was signed in 1983, the bank was not in existence so now in the new treaty the bank is named specifically as an institution of the Treaty with specific mandates so that is what I think is going to make it really exciting,” he said.
Governor Venner emphasized that the Bank would need to expand its communication with the public and its relationship with its stakeholders particularly within the context of the O.E.C.S Economic Union.
The ECCB was established on October 1, 1983 as the monetary authority for eight countries namely Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St.Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.