ECCB rules out currency devaluation

ST KITTS/NEVIS—The Eastern Caribbean Central Bank (ECCB) has rejected a suggestion by international ratings agency Moody’s Investor Services that the EC dollar should be devalued within the next five years. Moody’s had recommended that Caribbean territories devalue the currency or adopt the US dollar in an effort to address what it described as a “debt crisis” in the region. However, ECCB managing director, Jennifer Nero said devaluation is not on the cards and that there has been “substantial analysis” done on the matter of the value of the EC dollar. “It’s under watch all the time, but as of this point in time there is no real reason for that (devaluation) at all,” she said in a radio interview. “The currency has been within the acceptable bands, coming and going. The volatility is within range,” Nero said.