Its conservative policy of building up exchange cover for the Eastern Caribbean dollar to a much greater extent than required by its basic Agreement has led to monetary stability for member countries and made the EC dollar
one of the strongest currencies in the region.
Vincent & Grenadines government has allocated EC$74.7 million (One EC dollar
=US$0.37 cents) towards completion of the Argyle Intl Airport.
The existence of this common currency may raise the risk of money laundering, but there is little evidence that the EC dollar
is a primary vehicle for money laundering.
The ECCU's currency is the EC dollar
. The ECCB pointed out that part of the reason for inflation across the region was the fact that the euro and the pound sterling had both appreciated against the EC dollar
dollar peg to the EC dollar
at 2.70 since 1983--has kept inflation negligible.
The European Union is providing EC$39 million (One EC dollar
= US$0.37 cents) for environment projects in the sub regional Organisation of Eastern Caribbean States (OECS), reports Caribbean360.com (May 8, 2014):
Taiwan is providing an EC$13.1 million (One EC dollar
= US$0.37 cents) grant to St.
Agriculture Minister Saboto Caesar told Parliament that banana exports to the United Kingdom between January and September this year varied from a low of 135 boxes, generating EC$2,700 (One EC dollar
= US$0.37 cents) in September to a high of 1,980 boxes in January and April, respectively, generating EC$39,000 a month.
Last December it unveiled a plan it said would help reverse an EC$43 million (One EC Dollar
= US0.37 cents) loss in 2011 while projecting a 2% profit in 2013.
An anonymous businessman is also said to have put up a further 100,000 EC dollars
, around pounds 18,000.
British Airways Holidays reservations: 0870 243 3406 or www.ba.com/holidays On leaving St Lucia, non-nationals pay a departure tax of EC dollars
54 or US dollars 21 (approx pounds 12) per person.