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 coming out of the COVID-19 pandemic, generally speaking, inflation has been relatively low over the past 48 years because of the stability of the peg.
“Long live the peg,” Antoine asserted.
Any third-party or user posts, comments, replies, and third-party entries published on the St. Lucia Times website (https://stluciatimes.com) in no way convey the thoughts, sentiments or intents of St. Lucia Times, the author of any said article or post, the website, or the business. St. Lucia Times is not responsible or liable for, and does not endorse, any comments or replies posted by users and third parties, and especially the content therein and whether it is accurate.
St. Lucia Times reserves the right to remove, screen, edit, or reinstate content posted by third parties on this website or any other online platform owned by St. Lucia Times (this includes the said user posts, comments, replies, and third-party entries) at our sole discretion for any reason or no reason, and without notice to you, or any user. For example, we may remove a comment or reply if we believe it violates any part of the St. Lucia Criminal Code, particularly section 313 which pertains to the offence of Libel. Except as required by law, we have no obligation to retain or provide you with copies of any content you as a user may post, or any other post or reply made by any third-party on this website or any other online platform owned by St. Lucia Times. All third-parties and users agree that this is a public forum, and we do not guarantee any confidentiality with respect to any content you as a user may post, or any other post or reply made by any third-party on this website. Any posts made and information disclosed by you is at your own risk.
