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EC dollar marks 35 years pegged at EC$2.70 to US$1

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The Eastern Caribbean Currency Union celebrated 35 years since the EC dollar was pegged to the US dollar at a fixed rate of EC$2.70 to US$1.00 on July 7, 1976.{{more}}

A release from the Eastern Caribbean Central Bank (ECCB) said “In keeping with the mission statement of maintaining the stability of the EC dollar and the integrity of the banking system, the Eastern Caribbean Central Bank (ECCB) ensures that the EC dollar is adequately backed by foreign reserves to stimulate confidence in the currency among consumers and investors. At the end of the financial year 2010/2011, the foreign reserve backing was 95.53 per cent, which was above the legal benchmark of 60.0 per cent.”

The ECCB, in collaboration with the eight member governments, says it continues to encourage policies aimed at improving the livelihood of the citizens and the development of the region.

These policies form part of the ECCU Eight Point Stabilization and Growth Programme, which is in the process of being converted to a sequential action plan by member governments. The programme covers Financial Programmes, Fiscal Reform, Debt Management, Public Sector Investment Programmes, Social Safety Net Programmes, Financial Safety Net Programmes, Amalgamation of the Indigenous Commercial

Banks and the Rationalisation, Development and Regulation of the Insurance Sector.

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