About the AUD/XCD rate
The AUD/XCD rate is how many XCD one Australian dollar buys. It moves constantly with interest-rate expectations, commodity prices and global risk sentiment - see what moves the rate. Tradergy shows the mid-market reference rate and does not forecast where it’s heading. For the 52-week highs and lows and a daily table, see the AUD/XCD rate history.
Where else this pair appears: the reverse rate, XCD → AUD, is on the receiving East Caribbean dollar view, and sending Australian dollars to the Eastern Caribbean is covered on the AUD → XCD transfer page. Every AUD pair sits on the convert hub, and to work in more than one currency at once there is the currency converter.
What it would take to move the East Caribbean dollar
The membership is larger than it is usually described. The Eastern Caribbean Central Bank is monetary authority for six sovereign states and two United Kingdom overseas territories, Anguilla and Montserrat, covering more than 600,000 people. Seven governments signed the establishing agreement at Port-of-Spain on 5 July 1983; Anguilla signed on as a full member on 1 April 1987.
The currency is older than the bank, and it has been anchored to two different things. On the central bank's own history its predecessor authority was created in 1965, taking over from a British Caribbean Currency Board that dated to 1950. From October 1965 until July 1976 the East Caribbean dollar was pegged to the pound sterling at EC$4.80 to the pound. The transfer to the US dollar, at a parity of EC$2.70, was made in July 1976.
Decisions are taken by a Monetary Council on which each participating government appoints one minister, with an alternate to sit in their absence. It meets at least twice a year, carries a quorum of five, and ordinarily decides by simple majority of those present, the chairman holding a casting vote in a tie. What it resolves on monetary and credit policy is communicated to the bank in writing and binds it while in effect.
Moving the exchange rate is deliberately harder than that. The agreement provides that the bank may declare the external value of the East Caribbean dollar only on a recommendation of its board of directors approved by a decision of the council, both the recommendation and the decision having been adopted unanimously by all their members. One minister of one member, including one of the two territories, is enough to stop it.
The consequences were legislated alongside the power. Notice must be published in the official gazette of every participating government, and the council must arrange reasonable compensation for any member adversely affected. The same instrument sets a floor of external reserves at not less than sixty per cent of the currency issued, and that percentage too can be altered only on the unanimous agreement of all council members.
Sources: Eastern Caribbean Central Bank, about the ECCB · Eastern Caribbean Central Bank Agreement 1983, as enacted in the Laws of Dominica, Chapter 74:01