EC dollar remains strong despite COVID-19 says ECCB Governor

ECCB Governor, Timothy Antoine

Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine said although there have been challenges faced in the region due to Covid-19, the Eastern Caribbean (EC) Dollar remains strong.

Antoine made the announcement at a virtual Handing Over Ceremony on 24 July to mark the change in Chairmanship of the Monetary Council.

“Today I confirm that our EC Dollar is strong,” he said. “Last Friday the backing in foreign reserves was 98.6 percent.”

According to Antoine, on July 6th the Eastern Caribbean Currency Union (ECCU) celebrated 44 years of stability with the EC Dollar being pegged to the US Dollar.

“This is a testament to the resilience of our monetary union,” he stated. “Our region must recognize that this moment is not merely a moment or a time of extraordinary challenge, but also an extraordinary opportunity.”

Antoine stated further that a growth mindset is needed.

“A growth mindset reframes problems as opportunities and meets the moment with clarity and a sense of urgency,” he said….“I wish therefore to propose that we elaborate a probable action to position our region for recovery and resilience.”

The ECCB governor said this action will be a clear anchor for fiscal and debt sustainability, such as the debt GDP ratio of 60 percent.

The new ECCB Monetary Council Chairman is the Prime Minister of St. Kitts, Dr. Timothy Harris. He took over from Grenada’s prime minister, Dr. Keith Mitchell.

A video of the ECCB handing over ceremony is embedded below.

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4 Comments

  1. derp
    July 30, 2020

    Soon they will be launching trials of the ECCB Digital EC Currency (DXCD) based on blockchain technology in the different states, but not in Dominica hmm hmm hmm

  2. Dan Tanner
    July 30, 2020

    Of course it does. Because of two things:

    1. It’s pegged to the US dollar, and
    2. Dominica has nothing of real value, so any currency would hold value there.

    The statement he made is, therefore, claptrap.

    Hot debate. What do you think? Thumb up 7 Thumb down 4
    • Batibou River
      July 31, 2020

      Exactly, all these guys like to blow their trumpet and make us belief it’s their doing. Skerrit is also a world champion in buttering up Dominicans. All his failings are always blamed on others or adverse occurrences. The biggest joke… Dominicans fall for it every single time!!!

      Hot debate. What do you think? Thumb up 5 Thumb down 3
    • August 1, 2020

      1. Yes, but that peg can either be supported with sufficient foreign reserves or not, and in this case he’s confirming that it is, which matters.

      2. There’s plenty of value in Dominica. For example, real estate prices have weakened less than I would have expected in the wake of Erika, Maria, and the departure of Ross U. But either way the E.C. dollar is not just about Dominica.

      Hot debate. What do you think? Thumb up 3 Thumb down 5

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