Antigua and Barbuda - Money

The exchange rate of the East Caribbean dollar has remained steady since 1976 at 2.70 to the U.S. dollar. This is partly because the agreement establishing the East Caribbean Central Bank, which regulates the currency, requires all countries that use the currency to agree to de-valuation .

The country does not have its own stock exchange. Instead, it is part of the St. Kitts-based Eastern Caribbean Securities Exchange (ECSE). An associate institution of the Eastern Caribbean Central Bank (ECCB), the ECSE is scheduled to start trading in 2001. The fully automated exchange will be linked via local telecommunications providers and will employ an electronic book-entry system for recording the ownership of securities.

To assist with its development, the ECSE has received US$2 million in grants, counter-part loans, and money from the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB). The funds were channeled through the Barbados-based Caribbean Development Bank (CDB).

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