CandleFocus Glossary Editor.png)
The Eastern Caribbean Dollar (XCD) is the official currency of the Organisation of the Eastern Caribbean States (OECS), comprising eight states in the Caribbean. The eight states are Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.
The Eastern Caribbean Dollar replaced the British West Indies Dollar (BWI$) in 1965 as the official currency of the OECS. At the time of its adoption, the Eastern Caribbean Dollar debuted at a value of 2.70 BWI$ to 1 XCD. Since 1976, the currency has been mined to the US Dollar at a rate of 2.7 XCD to 1 US$.
The Eastern Caribbean Bank (ECB), the regional central bank of the OECS, manage the currency. The ECB is responsible for a variety of functions related to the currency, including ensuring its stability, maintaining current exchange rates, controlling inflation, and issuing bank notes and coins.
The Eastern Caribbean Dollar is widely accepted and is the legal tender used in day-to-day transactions by merchants, governments, and residents of the OECS. It is also used as a trading currency in many neighboring countries, including Trinidad and Tobago, Guyana, Jamaica, the Bahamas, and Venezuela.
The currency plays an important role in the culture of the OECS, as it is often used to support the local business, education, tourism, and healthcare systems. Furthermore, it serves as a source of national pride and is a symbol of solidarity among the eight Caribbean states.
In conclusion, the Eastern Caribbean Dollar is the official currency of the OECS, replacing the British West Indies Dollar in 1965. The currency is managed and controlled by the regional central bank, the Eastern Caribbean Bank. It is a symbol of solidarity among the eight states of the OECS and is used to support the local business, education, tourism, and healthcare systems.
The Eastern Caribbean Dollar replaced the British West Indies Dollar (BWI$) in 1965 as the official currency of the OECS. At the time of its adoption, the Eastern Caribbean Dollar debuted at a value of 2.70 BWI$ to 1 XCD. Since 1976, the currency has been mined to the US Dollar at a rate of 2.7 XCD to 1 US$.
The Eastern Caribbean Bank (ECB), the regional central bank of the OECS, manage the currency. The ECB is responsible for a variety of functions related to the currency, including ensuring its stability, maintaining current exchange rates, controlling inflation, and issuing bank notes and coins.
The Eastern Caribbean Dollar is widely accepted and is the legal tender used in day-to-day transactions by merchants, governments, and residents of the OECS. It is also used as a trading currency in many neighboring countries, including Trinidad and Tobago, Guyana, Jamaica, the Bahamas, and Venezuela.
The currency plays an important role in the culture of the OECS, as it is often used to support the local business, education, tourism, and healthcare systems. Furthermore, it serves as a source of national pride and is a symbol of solidarity among the eight Caribbean states.
In conclusion, the Eastern Caribbean Dollar is the official currency of the OECS, replacing the British West Indies Dollar in 1965. The currency is managed and controlled by the regional central bank, the Eastern Caribbean Bank. It is a symbol of solidarity among the eight states of the OECS and is used to support the local business, education, tourism, and healthcare systems.