Antigua & Barbuda: Currency & Financial System

Antigua and Barbuda uses the Eastern Caribbean dollar (XCD) as its official currency, a shared currency it holds in common with seven other members of the Organisation of Eastern Caribbean States. Introduced in 1965 to replace the British West Indies dollar, the EC dollar has been pegged to the US dollar at a fixed rate of EC$2.70 per US$1 for decades, providing exchange-rate stability for a small, trade-dependent economy.

Monetary policy and currency issuance are managed not by a national central bank but by the Eastern Caribbean Central Bank (ECCB), a regional institution headquartered in Saint Kitts and Nevis that serves all members of the Eastern Caribbean Currency Union. The ECCB regulates and supervises commercial banks operating in Antigua and Barbuda, oversees the regional money supply, and works to maintain the fixed peg to the US dollar.

This shared arrangement has generally shielded Antigua and Barbuda from the currency volatility that has affected other small island states, though it also means the country has limited independent control over interest rates or monetary stimulus. The domestic banking sector includes both regional and international commercial banks, alongside an offshore financial services industry that has periodically drawn international scrutiny over transparency standards.