EC Dollar Commemorates 37 Years

Basseterre St. Kitts– 10th July 2013 – The Eastern Caribbean Central Bank (ECCB) is marking 37 years since the EC Dollar has been pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00.

The EC Dollar was pegged to the US Dollar on 7 July 1976. Governor of the ECCB the Honourable Sir K Dwight Venner says the peg is the anchor which has given investors and citizens of the Eastern Caribbean Currency Union (ECCU) certainty and confidence in the stability of the EC Dollar.

In a recent interview with a media house in St Kitts and Nevis, the Governor said that there were no immediate economic conditions that would warrant a change in the value of the EC Dollar.

“There is no flight of the currency, not that we or anyone have noticed. There is no run on commercial banks. There is no hyperinflation; inflation is being contained to 2.0 or 3.0 per cent. These are the objective conditions which call for a change in the value of the currency. They don’t exist at this particular point in time.”