Dominica - Banking and securities

The principal national banks are the National Commercial and Development Bank of Dominica and the Dominica Agricultural Industrial and Development (AID) Bank. Private commercial banks include Barclays (UK), the Royal Bank of Canada, and the Banque Française Commerciale. Dominica is a member of the Eastern Caribbean Central Bank, which issues a common currency. Dominica has no stock market, and is considered an offshore tax haven for international companies. It guarantees a twenty-year tax exemption. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $39.3 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $204.1 million.