ECCB Commits to Maintaining Strong, Stable EC Dollar

Laluna Resort

The Eastern Caribbean Central Bank (ECCB) is committed to maintaining the strength and stability of the EC Dollar.

The first of the five strategic goals of the Bank’s Strategic Plan is to: “Maintain a strong and stable EC Dollar”.  The goal focuses on protecting and augmenting the currency union’s pool of foreign reserves that support a strong and stable EC dollar.  As of 29 September 2017, the EC dollar was backed with 98.3 percent of foreign reserves.

To support the goal of maintaining the strength and stability of the EC dollar, the ECCB’s research, policy advice and advocacy will focus on policy recommendations to build competitiveness, maximise exports, facilitate technology transfer and job creation.

The ECCB launched its Strategic Plan 2017-2021 on 3 October 2017 under the theme: “Transforming the Eastern Caribbean Currency Union Together”.

The Plan provides the framework for the Bank to align its institutional efforts, prioritise resource allocation and measure performance against its five strategic goals and performance indicators.

Ultimately, the Plan aims to raise the region’s growth and development trajectory.

1 Comment

  1. I have to wonder how the ECCB believes they have any control over the strength of the Caribbean Dollar since it is pegged to the US Dollar. It seems to me they can just go to sleep as long as the “peg” exists. Do they mean the reserve strength of the Bank itself, and NOT the ECD? Can someone else enlighten me if I am wrong?
    It should be noted that when Arnheim Eustace was Minister of Finance Saint Vincent had incredibly strong reserves in the ECCB. Gonsalves now has Vincentian Reserves filled with IOUs. In other words: over 100 years of debt!

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