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The Barbados dollar replaced the East Caribbean dollar at par in 1973. Since 5 July 1975, the Barbados dollar has been pegged to the US dollar. It is presently fixed at an exchange rate of US$1 = BBD$1.98. [7] However, in practice in businesses, the effective exchange rate with US dollar is fixed at 2 to 1 in favor of the US dollar, i.e. US$1=BBD$2
It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70. [1] ... a West Indian Currency Conference saw Barbados, ...
These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Indian rupee, and the Swiss franc) and which are used to back its liabilities (e.g., the local currency issued and the ...
Central banks and currencies of the Caribbean. This is a list of the central banks and currencies of the Caribbean. There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and the euro (4). Anguilla. Antigua and Barbuda. Dominica.
In May 1972 Barbados formed its own Central Bank, breaking off from the East Caribbean Currency Authority (ECCA). By 1975 the Barbadian dollar was changed to a new fixed / constant rate of exchange rate with the US$ with the rate being changed to present day US$1 = BBD$1.98 (BBD$1.00 = ~US$0.50).
The private banking sector tended to use Spanish dollar accounts at the fixed exchange rate of $1 = 4s 2d. The Eastern Caribbean group formed a monetary union with British Guiana in 1949 and the currency was known as the British West Indies dollar. Trinidad and Tobago left the arrangement in 1964.