ECCB Commemorates 48 Years of EC Dollar Peg
After 48 years of being pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00, the EC Dollar remains strong and stable.
Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine says the strength and stability of the EC Dollar is a tremendous source of pride for the Eastern Caribbean Currency Union.
The EC Dollar was first pegged to the US Dollar on 7 July 1976. Governor Antoine says the value of the EC Dollar 48 years ago in terms of parity, is the same 48 years later.
“It gives confidence to the people of our currency union,” Antoine said. He added that investors can also invest and receive their investments, and repatriate freely.
The Governor stressed that the peg is a wonderful achievement which should never be taken for granted.
He added that whilethere was a spike coming out of the pandemic, over the past 48years, inflation has been relatively low because of the stability of the peg. Governor Antoine noted that some countries did not experience that stability.
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They should give recognition to the man that made this possible. The late Honorable Sir Lester Bryan Bird. Only years later economists see the wisdom that this decision was. Even I was against it. Just like building the Heritage Quay Shopping Mall and making it a Duty Free Area. Men with vision are not acknowledge when they are alive. But history will absolve them.
If my memory is still intact, the pegging of the ECC and the USA currency in 1976 under Primer George H.Walter PLM government.
Less we forget you are wrong.
Please now Big up the PLM and George H. Walter as you mistaken Sir Lester B Bird.
If you even subtract 48 years you will get 1976. PLM 1971- 1976.
US MINIMUM WAGE IS @$10… US$1600
ANTIGUA’S AVERAGE SALARY… US$1264…EC $3500
NOW HERE IS THE CAVIAR… GOODS AND SERVICES ARE VALUED AT US PRICES!
PEGGING ONLY BENEFITS THOSE THAT DO SUBSTANTIAL TRADE WITH THE US (SOUTH AMERICA FOR EXAMPLE).
THE ONLY THING STABLE, (AND THEY LIKE THE WORD SUSTAINABLE) ABOUT THE RELATIONSHIP FOR ANTIGUA IS POVERTY.
Imagine, close to half a century and the EC dollar hasn’t moved 5 cents.
@OWR July 8, 2024 At 7:43 pm
Maybe the facts below will refresh your memory.
General elections were held in Antigua and Barbuda on 18 February 1976.[1] Whilst the Progressive Labour Movement received the most votes, the opposition Antigua Labour Party won more than double the number of seats.
The EC Dollar was first pegged to the US Dollar on 7 July 1976. Governor Antoine says the value of the EC Dollar 48 years ago in terms of parity, is the same 48 years later. “It gives confidence to the people of our currency union,” Antoine said.
@what has been the effect? July 9, 2024 At 10:17 am
You need a lesson in ECONOMICS 101.
But sorry I do not have the time today. Maybe later or some other day I will return to educate you.
Ok, cool… get your thoughts together….
hurry though… waiting has always been a burden for me.
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