ECCB 2021-2022 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 30

Organisational Effectiveness and Development

Currency Management The main goal of the Currency Management Department was to ensure that the public in the ECCB’s member countries has a good quality and adequate supply of banknotes and coins in denominations that best suited their needs. With the introduction of Digital Currency in circulation through a pilot programme, the Bank sought to ensure the seamless access for the issuance and redemption of digital currency by financial institutions, while merchants and the general public can transact effortlessly using a Digital App. As at 31 March 2022, the value of currency in circulation was $1,407.14 million. Banknotes accounted for $1,281.84 million or 91.10 per cent. Coins in circulation amounted to $123.03million or 8.74 per cent and digital currency (DCash) in circulation amounted $2.27 million or 0.16 per cent.

During the period, the Bank focused on the management and issuance of all polymer banknotes denominations. The Currency Management Department continued to collaborate in sensitisation programmes with the Corporate Relations Department to raise awareness throughout the ECCU on the features of the polymer banknotes. In addition, the Bank was still in the pilot phase for the issuance DXCD through the Currency Union. The ECCB continued its participation in commemorative coin programmes with the Commonwealth Mint, Scottsdale Mint and the Royal Dutch Mint, which realised significant receipts in royalties during the financial year. Five commemorative coin programmes were initiated during the financial year, three programmes with Commonwealth Mint and two with Scottsdale Mint. Withdrawal of One and Two-Cent Coins Though the Bank notified the public of date effective 30 June 2020 for the stoppage one and two cent coins as legal tender, the public continued to deposit these coin denominations in their possession at commercial banks within the ECCU for face value.

The aggregate currency in circulation at the end of the financial year reflected an increase of $118.64 million (9.21 per cent) above the total in the previous financial year.

Chart II - Total Currency in Circulation as at 31 March 2022

Chart III - Currency in Circulation: Notes, Coins and Digital as at 31 March 2022

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 30