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The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70.
The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Citizens of Luxembourg enjoy the highest per capita gross domestic product in the world, according to an IMF estimate in 2022. Among OECD nations, Luxembourg has a highly efficient and strong social security system; social welfare expenditure stood at roughly 21.9% of GDP.
Once a single-crop agricultural economy, Saint Lucia has shifted to a tourism and banking serviced-based economy. Tourism, the island's biggest industry and main source of jobs, income and foreign exchange, accounts for 65% of its GDP. Agriculture, which was once the biggest industry, now contributes to less than 3% of GDP, but still accounts for 20% of jobs. The banana industry is now on a decline due to strong competition from low-cost Latin American producers and reduced European trade preferences, but the government has helped revitalize the industry, with 13,734 tonnes exported in 2018. Agricultural crops grown for export are bananas, mangoes, and avocados. The island is considered to have the most diverse and well-developed manufacturing industry in the eastern Caribbean.
The Canadian Imperial Bank of Commerce is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, in the largest merger between chartered banks in Canadian history. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
The Eastern Caribbean Central Bank (ECCB) is a supranational central bank that serves Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, all members of the Organisation of Eastern Caribbean States (OECS) that use the ECCB-issued Eastern Caribbean Dollar as their currency. The ECCB was established in 1983, succeeding the British Caribbean Currency Board (1950–1965) and the Eastern Caribbean Currency Authority (1965–1983). It is also in charge of bank supervision within its geographical remit.
The Organisation of Eastern Caribbean States is an inter-governmental organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance between countries and territories in the Eastern Caribbean. It also performs the role of spreading responsibility and liability in the event of natural disaster.
Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than 100,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains its corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.
Digicel is a Jamaican-based Caribbean mobile phone network and home entertainment provider operating in 25 markets worldwide.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.40 trillion (nominal) in 2024 or $28.04 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2023, the social welfare expenditure of the European Union (EU) as a whole was 26.8% of its GDP.
Bank of Saint Lucia is a subsidiary of Eastern Caribbean Financial Holding Company. It was formed in July 2001 as a result of the merger between National Commercial Bank and the Saint Lucia Development Bank.
CIBC Caribbean is a financial services company based in Barbados and the Caribbean subsidiary of the Canadian Imperial Bank of Commerce (CIBC). The bank was founded in 2002 as FirstCaribbean International Bank through the merger of the Caribbean operations of Barclays Bank and CIBC, and in March 2006 both CIBC and Barclays announced that Barclays wished to exercise their option to exit the Caribbean venture completely resulting in CIBC gaining majority-control of the bank. In June 2011, it was announced the bank would be renamed CIBC FirstCaribbean Bank "to be more closely aligned to the CIBC brand, while still maintaining the FirstCaribbean name and local identity." The name was then later changed CIBC Caribbean in January 2024. The majority of the bank's revenues are generated by its operations in Barbados, the Bahamas and the Cayman Islands.
An international financial institution (IFI) is a financial institution that has been established by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions exist and are technically IFIs. The best known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system.
The Caribbean Free Trade Association (CARIFTA) was an English-speaking economic trade organisation. It organised on 1 May 1968, to provide a continued economic linkage between the English-speaking countries of the Caribbean. The agreements establishing it came following the dissolution of the West Indies Federation, which lasted from 1958 to 1962.
The effects of Hurricane Georges in the Lesser Antilles were minimal in certain islands and major on others. Georges had formed on September 15, 1998, off the African coast. It had quickly strengthened into a Category 4 hurricane on the Saffir–Simpson scale on September 20 when it struck the Lesser Antilles with 115 mph (185 km/h) winds. The islands affected include Antigua, Barbuda, the British Virgin Islands, the United States Virgin Islands, Montserrat, Guadeloupe, Dominica, St. Maarten. St. Kitts and Nevis were also affected and sustained the most damage at US$484 million.
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third of the estimated total of Islamic banking assets globally. They totaled 17,344 trillion rials, or US$523 billion at the free market exchange rate, using central bank data, according to Reuters.
The Eastern Caribbean Currency Union (ECCU) is a development of the Organization of Eastern Caribbean States. This organization is composed of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. It is under the supervision of the Eastern Caribbean Central Bank. The member countries use a common currency, the Eastern Caribbean dollar, which is pegged at EC$2.70 to US$1.
The visa policy of Saint Vincent and the Grenadines allows citizens of most countries to enter Saint Vincent and the Grenadines without a visa.
Citizens of certain other countries must obtain a visa in advance.
Sir Kenneth Dwight Vincent Venner, KBE, SLC was the Governor of the Eastern Caribbean Central Bank, a position he held from December 1989 to November 2015. Prior to that, he served as the Director of Finance and Planning in the St Lucian Government between November 1981 and November 1989.
Kenita Placide is a human rights, HIV, and LGBT activist from St. Lucia. They are the founder and Executive Director the Eastern Caribbean Coordinator of Caribbean Forum for Liberation and Acceptance of Genders and Sexualities (CariFLAGS). Between 2014 and 2016, they served at the Women's Secretariat for the International Lesbian, Gay, Bisexual, Trans and Intersex Association. They have been on the forefront of bringing LGBT issues into discussion throughout the Anglo-Caribbean and international community.
References
- ↑ "GraceKennedy acquires majority shares in St Lucia's EC Global - Latest News - JamaicaObserver.com". Archived from the original on 2016-03-04. Retrieved 2015-09-21.
- ↑ "Archived copy". Archived from the original on 2016-03-05. Retrieved 2015-09-21.
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