Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Organisational Effectiveness and Development

Currency Management Currency demand in the ECCU remained strong as evidenced by continued growth in circulation. In response, the Bank undertook several initiatives to ensure a sufficient supply of high-quality banknotes and coins, implemented new standards for banknote fitness, and enhanced regional capacity to combat counterfeiting.

As of 31 March 2025, the total currency value in circulation stood at $1,700.41 million—an increase of $127.20 million (8.09 per cent) over the previous financial year.

The distribution was as follows: (i) Banknotes: $1,558.31 million (91.64 per cent); (ii) Coins: $141.89 million (8.35 per cent) and (iii) Digital Currency (DXCD): $0.21 million (0.01 per cent).

Chart I - Total Currency in Circulation ($ Millions)

Chart II - Distribution of Currency in Circulation: Notes, Coins and Digital ($ Millions)

The upward trend in Currency in Circulation highlights sustained growth, led primarily by strong banknote demand. Coin usage has increased modestly but remains significantly low, reinforcing the need for a coin redemption strategy. The small volume of digital currency (DXCD) reflects the ongoing withdrawal process following the conclusion of the DCash pilot programme. These developments highlight the need to refine currency forecasting, improve circulation strategies, and prepare for future digital innovations.

The Bank ensured the timely and adequate supply of banknotes and coins in denominations aligned with the needs of the public, which supported transactional efficiency and preserved the public’s confidence in the Eastern Caribbean (EC) dollar. The Bank’s currency operations were further strengthened with the introduction of a Banknote Policy, which provided commercial banks with clear standards for identifying and managing fit, unfit, and mutilated EC banknotes. This policy promotes consistency in cash handling and enhances the efficiency of banknote recirculation.

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