Simplify the following text for a Grade 11 native English-speaking person.
Original: It was founded in October 1983 in order to maintain the stability of the East Caribbean dollar ( EC$ ) and the integrity of the banking system in order to facilitate the balanced growth and development of member states .
Simplified: It was set up in October 1983 in order to keep the East Caribbean dollar ( EC$ ) stable , to regulate the banking system and to help the balanced growth and development of member states .