Prime Minister Dr Ralph Gonsalves speaking at a press conference on Monday 12th March said that protecting the E.C currency was his major concern during his tenure as head of the Monetary Council.
He said there is a 97 percent backing of the EC dollar which exceeds what the law states.
The law currently states that there should be at least a 60 percent backing with hard currency.
“ The currency backing has never gone below 80 percent, a number of times it went over 100 percent”.
Gonsalves said the E.C Dollar can now be changed on the high streets or commercial banks in Toronto, London and Newyork.
He said the union has remained very strong thus leading to a stable currency.
Gonsalves noted that the union has currency in excess to cover imports for at least 3 months.