The East Caribbean dollar (XCD) is the official currency used by eight countries and territories in the Eastern Caribbean. It was introduced in 1983, replacing the East Caribbean dollar at a rate of 1:1. The currency is subdivided into 100 cents and is issued by the Eastern Caribbean Central Bank (ECCB), which is responsible for monetary policy in the region. The East Caribbean dollar is pegged to the United States dollar at a fixed rate of 2.7 XCD to 1 USD. This stability helps facilitate trade and investment among the member countries, which include Antigua and Barbuda, Saint Kitts and Nevis, and Saint Lucia.