ECCB Observes 48 Years Of EC Dollar Peg

The Eastern Caribbean Central Bank (ECCB) has marked a significant milestone as the EC dollar, pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00, remains robust after 48 years. The EC Dollar was first pegged to the US Dollar on 7 July 1976. ECCB Governor Timothy N. J. Antoine described the milestone as a tremendous source of pride. “It represents stability. The value of the dollar 48 years ago, in terms of parity, is the same 48 years later,” Antoine explained. “It gives confidence. Confidence to you, our customers, you the people of our currency union,” the ECCB Governor declared. “You know the value of your deposits today is going to be the value, inflation aside, tomorrow because the parity is the same,” he stated. Antoine said when investors are ready to repatriate their dividends, there are no controls and they can invest freely and recover and repatriate. “That is a wonderful achievement because there are many places around the world, not far from here, the currency union, but around the world where they do not have that experience. They do not have that stability,” the Governor said. He added that while there was a spike...