ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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Return the Bank to Profitability Through Operational Cost Efficiencies Greening of the ECCB Campus As the Bank forged ahead with its objective of reducing operational cost through its “Greening the Campus” project, a Request for Proposal (RFP) to design a renewable energy generation system and to provide project management services was issued on 1 November 2017. Solar Island Energy based in the USA was selected from the five shortlisted companies to execute the project which is expected to start during the second quarter of the 2018/2019 financial year. include: •  • Designing a photovoltaic grid-tie system to the ECCB’s requirements; •  • Produce planning, bidding and contractual documents; and •  • Providing project management support, supervising, monitoring and evaluating the works of various contractors. Currency Management As at 31 March 2018, the value of currency in circulation was $1,108.06 million. Banknotes accounted for $1,004.04 million or 90.61 per cent, while coins in circulation amounted to $104.02 million or 9.39 per cent. The aggregate currency in circulation at the end of the financial year reflected an increase of $95.46 million (9.43 per cent) above the total in the previous financial year. The consultancy deliverables will

the change in the substrate for the ECCB family of banknotes from paper to polymer. Polymer banknotes are produced from a thin, transparent and flexible film made of polypropylene. The Bank, in collaboration with De La Rue, has completed the necessary arrangements to facilitate the design and printing of the new family of polymer banknotes. The new notes will retain the original historic images of the eight ECCB member countries with updated and transformed designs suited for polymer. A prominent highlight of the new polymer banknotes will be a portrait of former Governor of the ECCB, the late Honourable Sir K Dwight Venner on the fifty dollar, the second highest denomination. The polymer notes will be more durable, secure and difficult to counterfeit. Polymer notes repel dirt; they therefore stay cleaner for longer when compared with paper. The designs for the new polymer notes would be completed by end of July 2018. The new notes are expected to be in circulation by late 2019. Elimination of Loss Making Coins The Bank continued its thrust to eliminate loss making coins and continued the withdrawal of the one and two-cent coins. As at 31 March 2018, the ECCB had withdrawn 45,870,000 pieces of one- cent and 20,100,000 pieces of two-cent coins. The withdrawal process is expected to last until June 2020. The Bank is currently conducting an assessment which will help to guide the phasing out of he five-cent coin, which is also a loss-making coin.

Change in Substrate of EC Notes In February 2018, the Monetary Council approved