The Eastern Caribbean Central Bank (ECCB) is preparing to celebrate a major financial milestone with a special panel discussion on July 1 to commemorate the 50th anniversary of the Eastern Caribbean (EC) dollar’s fixed exchange rate peg to the United States dollar.
The commemorative event, themed “EC PEG AT 50: Celebrating Progress, Charting the Future,” will take place at the Sir Cecil Jacobs Auditorium starting at 6:00 p.m.. The panel is set to reflect on the peg’s historical contribution to the region’s development and examine its strategic role moving forward in an evolving global economy.
L. Garfield Burford, Director of News, Sports, and Current Affairs at ABS Television & Radio in Antigua and Barbuda, will moderate the discussion. The distinguished panel features a mix of regional leaders, policy experts, and youth advocates, including:
- Timothy N.J. Antoine, Governor of the ECCB.
- Rosamund Edwards, former Appointed Director (2005–2020) on the ECCB Board of Directors.
- Dr. Wendell Samuel, Acting Assistant Secretary-General at the CARICOM Secretariat and Head of the Economic Integration, Innovation, and Development Directorate.
- Alrica Antoine, General Secretary of the Saint Lucia National Youth Council.
The EC dollar was officially pegged at a rate of EC $2.70 to US $1.00 on July 7, 1976. For half a century, this fixed exchange rate has served as the foundation of the ECCB’s monetary policy. By backing the arrangement with strong foreign reserves, the region has maintained high confidence in the EC dollar, resulting in low and stable inflation. The bank notes that this predictable economic environment has heavily benefited saving, investment, trade, and overall economic growth.
The durability of the peg is anchored in the strict, rules-based legal framework of the ECCB Agreement. According to Article 24(2), the ECCB is legally required to maintain external reserves at no less than 60.0 percent of its demand liabilities and currency in circulation. Additionally, any change to the exchange rate parity is exceedingly difficult by design; under Article 17(2), it requires a unanimous decision from both the Monetary Council and the Board of Directors.
The ECCB has invited the public to tune in to the live transmission of the discussion across radio and television stations in its eight member countries at 6:00 p.m.. For global audiences, the event will be livestreamed on the official ECCB Connects Facebook Page and YouTube Channel, with select local stations also providing a simulcast on their social media networks.