Eastern Caribbean Currency

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Questions and Answers

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?

  • Saint Kitts and Nevis
  • Grenada (correct)
  • Antigua and Barbuda
  • Dominica

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?

<p>1965 (A)</p> Signup and view all the answers

Which of the following is a benefit of the Eastern Caribbean dollar?

<p>Facilitates regional integration and cooperation (D)</p> Signup and view all the answers

How many countries use the Eastern Caribbean dollar?

<p>8 (A)</p> Signup and view all the answers

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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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