East Caribbean Dollar (XCD)

The East Caribbean Dollar (XCD) is the official currency used in the Eastern Caribbean Currency Union (ECCU) countries. The ECCU is a regional currency union that includes Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, and Montserrat.

The East Caribbean Dollar is regulated and managed by the Eastern Caribbean Central Bank (ECCB). The ECCB serves as the central bank for the ECCU countries, controlling monetary policies and managing exchange rates and money supply.

The East Caribbean Dollar is pegged to the United States Dollar (USD) at a fixed exchange rate. One US dollar is equivalent to 2.70 East Caribbean Dollars. This means that the value of the East Caribbean Dollar remains fixed against the US Dollar.

The East Caribbean Dollar is widely used in ECCU countries and serves as the primary currency for local trade, tourism, and other economic activities. It is also accepted in some areas outside of the ECCU, particularly in tourist destinations, alongside the US Dollar.

The East Caribbean Dollar circulates in the form of banknotes and coins. Banknotes are available in denominations of 5, 10, 20, 50, and 100 dollars. Coins are available in denominations of 1 cent, 2 cents, 5 cents, 10 cents, 25 cents, and 1 dollar.

The East Caribbean Dollar is an important indicator of economic activity in ECCU countries, influencing consumer prices, wages, rents, and other financial transactions. It plays a crucial role in facilitating domestic and regional trade within the ECCU.

In summary, the East Caribbean Dollar is the official currency used in ECCU countries. It is regulated and managed by the ECCB, with a fixed exchange rate pegged to the US Dollar. The East Caribbean Dollar is widely used for local trade and economic activities, circulating in the form of banknotes and coins.