Time Period: 1951-1965

Currency: British West Indian Dollar


Timeline

  • May 1946
  • Currency Conference held in Barbados on 13-16 May 1946 on the "Establishment of a central authority to control West Indian currency"; (selected) recommendations:
    - [no. 2] Establishment of a currency board for the Eastern Group of the British West Indies (Barbados, British Guiana, Leeward Islands, Trinidad & Tobago, Windward Islands), [no. 3] located in Trinidad, [no. 13] to be constituted on 01.01.1948
    - [no. 10] Creation of a common currency, British West Indian Dollar equivalent to 50 British Pence, [no. 12] with decimal subsidiary coins.
  • 28.11.1950
  • British government resolution on the appointment of the currency board; effective upon constitution of the board (in Trinidad) on 01.08.1951.
    - The constitution of the board was legislated in individual currency acts of Barbados, British Guiana, Leeward Islands, Trinidad & Tobago, Windward Islands (separately in Dominica, Grenada, St. Lucia, St. Vincent).
  • 15.08.1951
  • Start of currency exchange:
    - 15.08.1951: Start of issuance of the new paper money
    - 02.01.1955: Demonetization of the paper money issued by commercial banks under the authority of the currency boards of Barbados, British Guiana, Trinidad & Tobago
    - 15.11.1955: Start of issuance of the new subsidiary coinage; the British coins were not demonetized.
  • 12.12.1964
  • British Caribbean Currency Agreement between Barbados, Leeward Islands, Windward Island on the adjustment of the currency board after the withdrawal of Guyana and Trinidad & Tobago; effective immediately (?)

Valuation Regimes

  • 1951-1965
  • Fixed rate against British Pound

Rate Arrangements

  • 01.08.1951
  • Fixed
  • British Pound at 1 : 4.80
  • -


Time Period: 1965-

Currency: Eastern Caribbean Dollar


Timeline

  • 18.01.1965
  • East Caribbean Currency Agreement between Barbados, Leeward Islands, Windward Island (except Grenada) on the establishment of the East Caribbean Currency Authority; effective upon constitution of the authority (in Barbados) on 01.10.1965
    - The constitution of the board was legislated in individual currency acts of Barbados, Leeward Islands, Windward Islands (separately in Dominica, St. Lucia, St. Vincent).
    - Grenada joined on 17.07.1968.
    - The Authority opened the head office in St. Kitts on 20.05.1975 (after the withdrawal of Barbados in 1974).
  • 06.10.1965
  • Start of currency exchange:
    - 06.10.1965: Start of issuance of the new currency
    - 31.10.1967: Demonetization of the British currency
    - 31.10.1969: Demonetization of the British West Indian currency.
  • 05.07.1983
  • Agreement between Antigua & Barbuda, Dominica, Grenada, Montserrat, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & Grenadines on the establishment of Eastern Caribbean Central Bank; effective upon constitution of the bank (in Saint Kitts) on 01.10.1983.
    - Anguilla joined on 01.04.1987.

Valuation Regimes

  • 1965-1976
  • Fixed rate against British Pound
  • 1976-
  • Fixed rate against US Dollar

Rate Arrangements

  • 01.10.1965
  • Fixed
  • British Pound at 1 : 4.80
  • ±0.0%
  • 07.07.1976
  • Fixed
  • US Dollar at 1 : 2.70
  • -1.4%


End-year Forex Rates (Units per US Dollar)