XCD (Eastern Caribbean Dollar)

DEFINITION of 'XCD (Eastern Caribbean Dollar)'

The currency abbreviation or the currency symbol for the Eastern Caribbean Dollar is XCD, and it serves as the official currency for the eight member countries apart of the Organization of the Eastern Caribbean States (OECS) i.e. Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The currency is made up of 100 cents and is often presented with the symbol EC$ to differentiate it from other currencies that are also denominated in dollars.

BREAKING DOWN 'XCD (Eastern Caribbean Dollar)'

The Eastern Caribbean Dollar is one of the Caribbean's oldest currencies. It came into existence in 1965 after replacing the British West Indies dollar. The Eastern Caribbean Dollar operates under a fixed exchange rate regime. Since July 7, 1976 the Eastern Caribbean Dollar has been pegged to the United States Dollar at US$1 for XCD$2.7.