ECCB 2020-2021 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

Return the Bank to Profitability Through Operational Cost Efficiencies Greening of the Campus Project

The bank completed the final phase of the solar renewable energy project, Phase II Solar Canopy Project on 10 August 2020. This followed the completion of the initial phase on 11 December 2019. The Bank’s solar farm produces 970 kW AC resulting in approximately 60.0 per cent reduction in electrical costs for the Campus. With respect to the environmental impact, approximately 3,440,000 lbs of CO2 emissions are reduced per year and a projected 51,316 tons of C02 emissions reduction over the 30 year PV System lifetime. Currency Management As at 31 March 2021, the value of currency in circulation was $1,288.50 million. Banknotes accounted for $1,169.53 million or 90.77 per cent, coins in circulation amounted to $118.57 million or 9.20 per cent and digital currency (DXCD) in circulation amounted $0.4 million or 0.03 per cent. The aggregate currency in circulation at the end of the financial year reflected an increase of $18.91 million (1.49 per cent) above the total in the previous financial year. The Bank issued the $5.00 polymer banknote in March 2021; completing the circulation of the full family of EC polymer notes. Throughout the financial year, the Bank work closely with the financial institutions and vending machine operators in getting their ATMs and other currency apparatus to enhance the efficient distribution of polymer banknotes. The Bank continued its participation in commemorative coin programs with the Commonwealth Mint and Scottsdale Mint, which realised significant receipts in royalties during the year. Eight commemorative coin programs were initiated during the financial year, seven programmes with Commonwealth Mint and one with Scottsdale Mint. The Royal Dutch Mint has also expressed interest in partnering with the ECCB to mint and sell commemorative coins.

The one and two-cent coins ceased to be legal tender in June 2020. The withdrawal of the coins was part of the Bank’s thrust to eliminate loss-making coins.

Chart 5 - Total Currency in Circulation as at 31 March 2021

Family of EC Polymer Notes

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 21