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 Current time in Anguilla |
Anguilla's thin arid soil is largely unsuitable for agriculture, and the island has few land-based natural resources. Its main industries are tourism, offshore incorporation and management, offshore banking, and fishing. Many insurance and financial businesses are headquartered in Anguilla. Anguilla’s GDP in 2004 was 108 million US dollars and the GDP per capita was 8800 USD.
The economy of Anguilla has and continues to expand rapidly, especially in the tourism sector where major new developments in partnerships with multi-national operators are leading the expansion. This boom, which began gently during 2005-2006, accelerated through 2007-2008 and is expected to sustain for the immediate future.
The island is stable politically and economically with approximately 40% of all foreign currency circulating in the Eastern Caribbean being banked with the island’s four banks.
The currency of Anguilla is the Eastern Caribbean (EC) dollar. The exchange rate between the US dollar and the EC dollar is currently fixed at 2.6882 EC to 1.00 US. There are no foreign exchange controls and the US dollar circulates freely throughout the economy. Bank accounts can be maintained in US dollars as personal or corporate savings accounts and checking accounts. Most forms of financial instruments can be provided locally.
There are currently four major banks operating on Anguilla: two international – First Caribbean International Bank and the Bank of Nova Scotia; and two local – Caribbean Commercial Bank and the National Bank of Anguilla.
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