(CARICOM News Network) St. Kitts and Nevis (WINN): The Eastern Caribbean Central Bank (ECCB) has ruled out devaluing the EC dollar within the next five years. The Bank’s Managing Director, Jennifer Nero has made it clear that devaluation is not on the cards. She confirmed 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,” the Central Bank official told Winn FM. “The currency has been within the acceptable bands, coming and going. The volatility is within range,” she affirmed. Asked specifically whether the EC dollar was likely to be devalued within the next five years, Managing Director Neto responded: “Well what we can say, we at this particular point in time, we don’t see that”. International investment-rating agency Moody’s Investor Services has suggested that Caribbean territories should devalue the currency or adopt the US dollar in an effort to address what Moody’s has described as a “debt crisis” in the region. The official who heads the Institute of Chartered Accountants of the Eastern Caribbean has dismissed that suggestion. Institute President Frank Myers argues that devaluation of the EC dollar won’t benefit the region – he rejects the argument that such a move could enhance the region’s competitiveness.
