Grenada - Banking and securities

Local financial institutions include the National Commercial Bank of Grenada, the Grenada Bank of Commerce, the Grenada Development Bank, and the Grenada Cooperative Bank. Foreign banks include Barclays Bank and the Bank of Nova Scotia. In 1992, Republic Bank Limited of Trinidad and Tobago bought 51% of the National Commercial Bank. There is no stock exchange.

Grenada is a member of the Organization of Eastern Caribbean States (OECS), and a member of the Eastern Caribbean Central Bank (ECCB), which is headquartered in St. Christopher and Nevis. Grenada's finances are bound by the ECCB's general guidelines on money supply and bank regulation and the currency is the Eastern Caribbean dollar, which is pegged to the US dollar at a constant exchange rate of EC $2.70:$1. The country is considered a tax haven for many US companies. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $78.9 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $430.6 million.

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