For every E.C dollar in circulation there is a US Dollar backing it, this was disclosed by Prime Minister Gonsalves last Tuesday 2nd January 2018.
Gonsalves, it is the reason why the E.C Dollar can be exchanged on the streets of New York, Toronto and London.
“ For all that they talk, (not specifying whom) all sorts of things, in the currency union, policymakers we are not given credit for that”.
The Prime Minister stated that it has certain downsides, “you restrict the supply of your own E.C Dollars”.
Gonsalves said to overcome such, it is vital that you have your US Dollars while making sure you increase your exports.
He noted that this is why his government built the airport, working to increase tourist arrivals, and ramping up exports to foreign countries.
