Podcast
Questions and Answers
What is the fixed exchange rate of the Eastern Caribbean dollar to the US dollar?
What is the fixed exchange rate of the Eastern Caribbean dollar to the US dollar?
- 1 USD = 2.70 XCD (correct)
- 1 USD = 2.50 XCD
- 1 USD = 3.00 XCD
- 1 USD = 3.50 XCD
Which of the following countries was NOT one of the original users of the Eastern Caribbean dollar?
Which of the following countries was NOT one of the original users of the Eastern Caribbean dollar?
- Saint Kitts and Nevis
- Grenada (correct)
- Antigua and Barbuda
- Dominica
What is the highest denomination of Eastern Caribbean dollar banknote?
What is the highest denomination of Eastern Caribbean dollar banknote?
- 500 dollars
- 50 dollars
- 200 dollars
- 100 dollars (correct)
When was the Eastern Caribbean dollar introduced?
When was the Eastern Caribbean dollar introduced?
Which of the following is a benefit of the Eastern Caribbean dollar?
Which of the following is a benefit of the Eastern Caribbean dollar?
How many countries use the Eastern Caribbean dollar?
How many countries use the Eastern Caribbean dollar?
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Study Notes
Overview
The Eastern Caribbean currency is the Eastern Caribbean dollar (XCD), which is used by eight island nations in the Eastern Caribbean.
Countries Using the Eastern Caribbean Dollar
- Anguilla
- Antigua and Barbuda
- Dominica
- Grenada
- Montserrat
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
Characteristics
- Pegged to the US dollar at a fixed rate of 1 USD = 2.70 XCD
- Issued by the Eastern Caribbean Central Bank (ECCB)
- Coins: 1, 2, 5, 10, 25 cents, 1 dollar
- Banknotes: 5, 10, 20, 50, 100 dollars
History
- Introduced in 1965, replacing the British West Indies dollar
- Originally used by four countries: Antigua and Barbuda, Dominica, Montserrat, and Saint Kitts and Nevis
- Other countries joined later: Saint Lucia (1979), Saint Vincent and the Grenadines (1979), Grenada (1984), and Anguilla (1984)
Benefits
- Facilitates regional integration and cooperation
- Promotes economic stability and monetary policy coordination
- Enhances the region's competitiveness and attractiveness to investment
The Eastern Caribbean Dollar
- The Eastern Caribbean dollar (XCD) is the currency used by eight island nations in the Eastern Caribbean.
Countries That Use the Eastern Caribbean Dollar
- Anguilla
- Antigua and Barbuda
- Dominica
- Grenada
- Montserrat
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
Characteristics of the Eastern Caribbean Dollar
- Pegged to the US dollar at a fixed rate of 1 USD = 2.70 XCD
- Issued by the Eastern Caribbean Central Bank (ECCB)
- Coins: 1, 2, 5, 10, 25 cents, 1 dollar
- Banknotes: 5, 10, 20, 50, 100 dollars
History of the Eastern Caribbean Dollar
- Introduced in 1965, replacing the British West Indies dollar
- Initially used by four countries: Antigua and Barbuda, Dominica, Montserrat, and Saint Kitts and Nevis
- Other countries joined later: Saint Lucia (1979), Saint Vincent and the Grenadines (1979), Grenada (1984), and Anguilla (1984)
Benefits of the Eastern Caribbean Dollar
- Facilitates regional integration and cooperation
- Promotes economic stability and monetary policy coordination
- Enhances the region's competitiveness and attractiveness to investment
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