East Caribbean dollar

East Caribbean dollar
Country:	Anguilla *)  Antigua and Barbuda Dominica Grenada Montserrat *) St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines             0*) British overseas territories
Subdivision:	100 cents
ISO 4217 code :	XCD
Abbreviation:	EC $
Exchange rate : (August 24, 2020)	1  USD  = 2.7 XCD (fix) 1  EUR  = 3.1987 XCD 1 XCD = 0.31263 EUR 1  CHF  = 2.9725 XCD 1 XCD = 0.33642 CHF

Map of the Eastern Caribbean Monetary Community

The East Caribbean Dollar (EC $) has been the currency of the Eastern Caribbean Monetary Union or the Organization of Eastern Caribbean States (with the exception of the British Virgin Islands ) since 1965 and is therefore the common official currency in six independent states and two British overseas territories in the Caribbean . These have a common past as British colonies and protectorates , are members of the Commonwealth of Nations and, with the exception of Dominica, have the British monarch as head of state.

The East Caribbean dollar, divided into 100 cents , has been pegged to the US dollar since 1976 at an exchange rate of 1 USD = 2.70 XCD , which is also widely accepted as a second currency.

history

The East Caribbean dollar is the successor to the West Indies dollar that was used in the West Indian Federation . From 1950, in addition to today's countries, Barbados, British Guyana, the British Virgin Islands and Trinidad & Tobago also used the common currency.

It is issued by the Eastern Caribbean Central Bank . This was created on July 5, 1983 by the Eastern Caribbean Central Bank Agreement as the successor to the Eastern Caribbean Currency Authority . The bank is based in Basseterre on St. Kitts .

Banknotes

Banknotes are in circulation with values ​​of $ 5, $ 10, $ 20, $ 50 and $ 100 and, like all coins, bear a portrait of Queen Elizabeth II , who is the head of state of the participating states (with the exception of Dominica ) and territories.

Coins

Coins are in circulation with values ​​of 1, 2, 5, 10 and 25 cents, as well as $ 1. In 2002, the unevenly round coins (1, 2 and 5 cents, $ 1) were changed to round coins in order to keep all coins in the round format.

literature

• Alfred Schipke, Aliona Cebotari, Nita Thacker: The Eastern Caribbean Economic and Currency Union: Overview and Key Issues . In this. (Ed.): The Eastern Caribbean Economic and Currency Union. Macroeconomics and financial systems . IMF, Washington, DC 2013, ISBN 1-61635-265-5 , pp. 3-22.

Web links

• Eastern Caribbean Central Bank (English)
• Banknotes on the ECCB website
• Coins on the ECCCB website

Footnotes

1. ^ Phil Rose, Wendell Samuel: The Role of the Eastern Caribbean Central Bank . In: Alfred Schipke, Aliona Cebotari, Nita Thacker (eds.): The Eastern Caribbean Economic and Currency Union. Macroeconomics and Financial Systems . IMF, Washington, DC 2013, pp. 381–404.