Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine said although there have been challenges faced in the region due to Covid-19, the Eastern Caribbean (EC) Dollar remains strong.
Antoine made the announcement at a virtual Handing Over Ceremony on 24 July to mark the change in Chairmanship of the Monetary Council.
“Today I confirm that our EC Dollar is strong,” he said. “Last Friday the backing in foreign reserves was 98.6 percent.”
According to Antoine, on July 6th the Eastern Caribbean Currency Union (ECCU) celebrated 44 years of stability with the EC Dollar being pegged to the US Dollar.
“This is a testament to the resilience of our monetary union,” he stated. “Our region must recognize that this moment is not merely a moment or a time of extraordinary challenge, but also an extraordinary opportunity.”
Antoine stated further that a growth mindset is needed.
“A growth mindset reframes problems as opportunities and meets the moment with clarity and a sense of urgency,” he said….“I wish therefore to propose that we elaborate a probable action to position our region for recovery and resilience.”
The ECCB governor said this action will be a clear anchor for fiscal and debt sustainability, such as the debt GDP ratio of 60 percent.
The new ECCB Monetary Council Chairman is the Prime Minister of St. Kitts, Dr. Timothy Harris. He took over from Grenada’s prime minister, Dr. Keith Mitchell.