Currency

Specimen notes are only issued to Commercial Banks in the ECCB's member territories and selected Central Banks.

De La Rue Currency, United Kingdom, prints banknotes for the Eastern Caribbean Currency Union (ECCU), while the Royal Mint, Canada, mints our coins.

Section 18(1) of the ECCB Agreement 1983 gives the ECCB the sole right to issue currency notes and coins in the territories of the participating governments.

Currency is put into circulation by issue to commercial banks, based on the demand for currency by the public. Demand is influenced by a number of factors, which include seasonal patterns of consumer spending, for example carnival and Christmas.

As at 31 March 2015, currency in circulation amounted to $880.17m.

Counterfeits have no value and the Central Bank is therefore not responsible for reimbursement of counterfeit notes. The ECCB only has a legal responsibility for the currency it issues, which is the legal tender of the participating territories.

You should immediately present the note to a Commercial Bank clearly identifying it as a suspect note or contact the nearest police station or the Eastern Caribbean Central Bank (ECCB) Agency Office in one of our member territories or the Currency Management Department at ECCB’s headquarters in St. Kitts at (869) 465-2537. If possible, you should provide information about the person from whom the note was received.

The ECCB issues currency only to commercial banks and approved international financial institutions.

A mutilated note is one that is in such a condition that the value is questionable and warrants special examination to determine its value. Such a note may be exchanged at ECCB’s headquarters, ECCB’s Agency Offices or commercial banks, at partial or full value, provided that it satisfies certain conditions.

The EC dollar has been fixed to the US dollar at a rate of EC$2.70 to US$1.00 since 7 July 1976.  Prior to this the EC currency was fixed to the pound sterling at an exchange rate of EC$4.80 to £1.00. However, following the sterling’s depreciation (decline in value) in the 1970’s and the emergence of the United States as the region’s major trading partner, the decision was made to shift the peg to the US dollar. Any decision to alter the peg of the EC currency rests with the Monetary Council, the highest decision making body of the Eastern Caribbean Central Bank (ECCB).