Monetary Council Keeps Savings and Discount Rates Unchanged

The Eastern Caribbean Central Bank’s Monetary Council has left key interest rates unchanged while reaffirming its commitment to preserving the EC dollar’s fixed exchange rate as the currency marks 50 years of stability against the US dollar.

Meeting in Dominica on Friday, the Council agreed to maintain the minimum savings rate at 2 percent, the short-term discount rate at 3 percent and the long-term discount rate at 4.5 percent. Communique of 113th Meeting of ECCB Monetary Council – 10 July 2026.docx

The Council said maintaining the EC dollar’s fixed exchange rate to the US dollar remains the foundation of the ECCB’s monetary policy, supporting monetary stability, sustainable economic growth and improved living standards across the Eastern Caribbean Currency Union (ECCU).

According to the communiqué, the EC dollar continues to be supported by foreign reserves of EC$5.9 billion and a reserve backing ratio of 97.6 percent, well above the 60 percent minimum required under the ECCB Agreement.

The Council said this reinforces confidence in the currency and its fixed exchange rate. Communique of 113th Meeting of ECCB Monetary Council

“The Council reaffirmed its unwavering commitment to preserving the fixed exchange rate, recognising it as the cornerstone of monetary stability, investor confidence and sustainable economic development across the Currency Union,” the communiqué stated.

The meeting also coincided with the 50th anniversary of the EC dollar’s fixed exchange rate of EC$2.70 to US$1.00.

The Council described the milestone as reflecting five decades of monetary stability, confidence and regional cooperation and acknowledged the role of successive governments, Monetary Councils, Boards of Directors and Governors in maintaining one of the world’s longest-standing fixed exchange rate arrangements.

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