Eastern Caribbean Central Bank celebrates 30th anniversary

ROSEAU, Dominica, Thursday October 3, 2013, CMC – The St. Kitts-based Eastern Caribbean Central Bank (ECCB) marked its 30th anniversary on Tuesday with Governor Sir Dwight Venner indicating that the stability of the Eastern Caribbean dollar as the major achievement of the financial institution over the years.

The EC dollar has been pegged to the United States dollar since 1975 at a rate of EC$2.70.

“I think we have maintained the stability of the regional arrangement. You can see it in the stability of the currency which is now 37 years and also in our ability to maintain the financial stability in the region, which is in our vision statement.” he said.

“We have managed to keep our banking system stable and we hope to improve it so we can supply the services that are needed for our development,” he added.

Sir Dwight said that as the global crisis continues to affect the economic performance of the Eastern Caribbean Currency Union (ECCU), the ECCB, in collaboration with its member governments and with the support of regional and international agencies, has been implementing measures to strengthen the ECCU financial system.

He said also the support of the population within the ECCU and the new Economic Union Treaty would be important as the ECCB, which serves as a central bank for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts-Nevis and Montserrat, continues to fulfill its mandate.

“Now that we are moving towards an Economic Union, the role of the bank will be increased. When the first OECS treaty was signed in 1983, the bank was not in existence so now in the new treaty the bank is named specifically as an institution of the treaty with specific mandates so that is what I think is going to make it really exciting,” he said.

Sir Dwight said the ECCB would need to expand its communication with the public and its relationship with its stakeholders particularly within the context of the OECS Economic Union..

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