EC currency remains strong after Hurricanes Irma, Maria – Governor
The Eastern Caribbean Currency (XCD) remains strong after hurricanes Irma and Maria.
This was confirmed by Governor of the Eastern Caribbean Central Bank, Timothy N. J Antoine, who during the launch of the bankâs 2017-2021 Strategic Plan on Tuesday said the EC dollar remains strong, at 98.3 per cent backing.
âThis means that for every one EC dollar, we have 98.3 cents in foreign reserve.â
He further explained that throughout the years, the EC dollar has remained stable throughout many other scathing hurricanes, as well as the financial crisis. He assured that the currency is in good standing.
Governor Antoine explained that even though the bank has managed to maintain a strong currency, there are plans to renew and revise the economic framework, because it has not been reviewed in over 20 years.
âAs a result of that revision, we are going to see a new investment policy framework developed, including Strategic Asset Allocation.â