ECCB Communications Workshop for ECCU Media Practitioners

Eastern Caribbean Central Bank

Eastern Caribbean Central Bank and its Major Functions • The Eastern Caribbean Central Bank (ECCB) officially came into being on 1 October 1983, part of the Treaty of Basseterre establishing the Organisation of Eastern Caribbean States (OECS); Successor to: i. West Indian Currency Committee: < 1950 ii. British Caribbean Currency Board; established in 1950 iii. Caribbean Currency Authority; established in 1965 • The Fixed Exchange Rate Peg which underpins the Currency Arrangements of the ECCB Preceded by: i. British Caribbean Currency Board; exchange rate parity of EC$4.80 to £1. ii. The Pound Sterling begins to Float – 23 June 1972 iii. End of Sterling Guarantee Agreement – 31 December 1974 iv. Re-peg to USD: ECCU took the decision to change the intervention currency from the pound sterling to the US dollar – 1976; EC$2.70 = US$1.00 (50 years) 3/30/2026 Transforming The ECCU Together 5