BASSETERRE St. Kitts, July 9th, 2012 -- Tomorrow, 7 July marks 36 years since the EC dollar has been pegged to the US dollar at a fixed rate of EC$2.70 to US$1.00.
Deputy Governor of the Eastern Caribbean Central Bank, Mr Trevor Brathwaite says the stability of the EC dollar provides the citizens of the Eastern Caribbean Currency Union (ECCU) with a level of certainty where they can make financial decisions with confidence knowing that the value of the currency will not fluctuate.
According to Mr Brathwaite, over the years, the backing of the EC dollar has been maintained at over 90 per cent, which is well above the legal benchmark of 60 per cent.
He added that maintaining the peg has proven, over the years, to be a sound decision, which contributes to the economic stability and development of the eight ECCB member states.
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