Grenada, being a former British colony, has be very closely tied to the monetary system of the United Kingdom (Eastern Caribbean Central Bank, 2013). After transitioning to independence in 1974, the country joined the Organization of Eastern Caribbean States (OECS) which grated it access to the unified currency, the Eastern Caribbean dollar which is managed on Nevis by the Eastern Caribbean Central Bank (Eastern Caribbean Central Bank, 2013). As noted earlier, the ECD is pegged to the USD at a set rate and as such has had a complicated effect on the international monetary system of Grenada. For starters, the trade of export goods and the value of savings is directly and often negatively affected by the response of international currency markets to the US dollar. For example, the rapid depreciation of the USD in the late 1980 had a ripple effect on Grenadian banks, some of which were publicly owned and suffered from the quick drop in the value of dollar (Meditz & Hanratty, 1987). In recent years Grenada has undergone multiple negotiations with the International Monetary Fund to restructure its debt under the Extended Credit Facility (IMF, 2013). Currently that debt sits at over 18 million USD and has hindered Grenada’s ability to receive additional funding from US and European banks (IMF, 2013).