Grenada - Money

High levels of growth (6.8 percent in 1998 and 6.2 percent in 1999) reflect temporary booms in one part of the agricultural sector (nutmeg) as well as construction and services. At the same time, the government has managed to keep inflation under control, with consumer prices rising only 1 percent in 1999. The Eastern Caribbean dollar, a currency shared with the 7 other members of the Eastern Caribbean Central Bank (ECCB), is stable, and has been pegged at a fixed exchange rate of EC$2.7/US$1 for many years. This means that Grenada is less vulnerable to fluctuating exchange rates , although transactions with Europe have been affected by the low value of the euro. There are plans for ECCB member countries to participate in a regional stock exchange, further integrating the economies of the small islands. These plans were not yet in effect by 2001.