The East Caribbean dollar is the official currency of eight Caribbean countries: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The East Caribbean dollar is the official currency of eight countries in the Caribbean: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Anguilla, and Montserrat. It was introduced in 1965, replacing the British West Indies dollar. One East Caribbean dollar is divided into 100 cents. The East Caribbean dollar is issued by the Eastern Caribbean Central Bank and is symbolized by the abbreviation XCD. The exchange rate of the East Caribbean dollar is relatively stable compared to other currencies, and it is not pegged to any other currency. The East Caribbean dollar is widely used in the eight countries that use it for all transactions.