ECCB celebrates 24 years of operations

On 1 October 2007, the Eastern Caribbean Central Bank will mark 24 years of operation as the monetary authority for the eight countries that comprise the Eastern Caribbean Currency Union.{{more}}

The Bank was established as the successor to the Eastern Caribbean Currency Authority, with the signing of the ECCB Agreement Act 1983. The rationale for its establishment, set out in the preamble to the Agreement, was the desire “to maintain a common currency and establish a common central bank with powers to issue and manage that currency, to safeguard its international value, to promote monetary stability and a sound financial structure and to further the economic development of the territories of the Participating Governments.”

The official currency of the Bank’s eight member countries – the Eastern Caribbean dollar-was first issued almost forty-two years ago, on 6 October 1965.

Today, the member countries of the ECCU enjoy a stable EC dollar that has since 1976, been pegged to the US dollar at a rate of 2.7 to 1, making it one of the strongest currencies in the Caribbean. The region’s citizens are the beneficiaries of a financial system that has remained safe throughout the years.

On 7 October 2007, the Bank’s management and staff will celebrate the 24th anniversary at a service of worship at the Immaculate Conception Co-Cathedral in Basseterre. They will also participate in several activities planned throughout the month of October, as part of Financial Literacy Month 2007.