Governor of the Eastern Caribbean Central Bank (ECCB) Timothy N. J. Antoine has underscored the importance of monetary stability and what this means for the people of the Eastern Caribbean Currency Union (ECCU).
Speaking during a church service on 3 October as part of activities to mark the ECCB’s 38th anniversary, Governor Antoine said that after 38 years, it is easy to take monetary stability for granted but pointed out that it takes diligence, vision, hard word, persistence and stewardship.
Governor Antoine told the gathering at the Calvary Baptist Tabernacle, Saint Christopher (St Kitts) and Nevis, that in real terms, monetary stability means that the people of the ECCU can be assured that their savings in the bank, inflation aside, is protected in terms of its value, because the EC dollar is stable and strong.
“The parity of the EC dollar today is the same as it was in 1983, one US$1.00 to EC$2.70 and that has been that way since 1976, 45 years of stability,” Governor Antoine said.
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Similarly, “you can go to your bank or credit union and purchase US dollars and if they don’t have it, you can come to our central bank and we will provide it because we have foreign resources to back our currency” the Governor added.
The Governor, on behalf of the staff, recommitted to working hard with God’s help, to maintain the strength and stability of the EC currency.