EC dollar unbowed by hurricanes

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The Eastern Caribbean Central Bank (ECCB) says the EC dollar remains strong despite the ravages of Hurricanes Irma and Maria across the union.
The assurance came on Tuesday from ECCB Governor Timothy Antoine at the launch of the bank’s new five-year strategic plan.
“I want to confirm today that your EC dollar, our EC dollar remains strong. How strong? Well as of last Friday [September] 29 the backing of the dollar was 98.3 percent. What does that mean? For every one EC dollar in circulation we have 98.3 cents in foreign reserves backing our dollar.”
Antoine noted that the law required a 60 percent minimum reserve. He pointed out that the EC dollar had stood strong throughout several devastating storms across the years and even the financial crisis of the 2000s.
(More in today’s Daily Observer)

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