ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

I mplementation of IT P olicies and P rocedures

allowing ECCB to attest at the end of the calendar year that information security controls implementations were in alignment with what is defined by the SWIFT CSCF. E nhancement of B ackup and R ecovery I nfrastructure The Bank upgraded its backup infrastructure to strengthened its cyber security posture and backup infrastructure against cyberattacks, as well as guaranteed that the ECCB Backup and Recovery Policy is fully implemented. D edicated H elpdesk The Bank established the Helpdesk Unit with the purpose of providing first-level IT support. This centralised support model increased operational effectiveness, expedited the resolution of user issues, and enhanced client customer service. The Bank has maintained its focus on providing a consistent and ample supply of banknotes and coins in various denominations that cater to the needs of the public in its member countries. As at 31 March 2024, the value of currency in circulation continued its trajectory upwards, to $1,573.27 million. Currency in circulation represents EC notes and coins that have been issued and are in circulation, which the ECCB must stand ready to redeem on demand. Banknotes accounted for $1,438.50 million (91.43 per cent), coins in circulation amounted to $134.77 million (8.57 per cent). The aggregate currency in circulation at the end of the financial year reflected an increase of $81.84 million (5.42 per cent) above the total in the previous financial year. CURRENCY MANAGEMENT

The Bank has made significant progress on its IT policy framework during the financial year. The ECCB Board of Directors approved five new IT policies. The focus for the coming year will be on fully implementing these policies to improve the Bank's security posture. C ybersecurity A wareness To strengthen the Bank’s cybersecurity posture, several awareness initiatives were implemented throughout the financial year. Those included: publishing cybersecurity articles in newsletters; delivering targeted training to high-risk groups; and conducting presentations on best practices. The newsletters are circulated to a broad target audience, including key financial institutions stakeholders.

CHART III - Total Currency in Circulation

CHART IV - Currency in Circulation - Notes, Coins, Digital

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