Shortage of EC coins in some ECCB member countries resolved

The shortage of lower denomination EC coins in some of the ECCB member countries has been resolved.

The Eastern Caribbean Central Bank (ECCB), in a statement issued last Thursday, said the shortage was in part due to a disruption in the shipment of coins from their suppliers as a result of the hurricanes in September 2017.

Over the weekend of May 5, SEARCHLIGHT became aware that there was a shortage of five and 10 cent coins in circulation here, which was confirmed by three of the larger retailers in St Vincent and the Grenadines.

The Antigua Observer also reported on May 5, that a notice posted for the last two months in one of the largest supermarkets in Antigua and Barbuda said that the ECCB was unable to provide Antigua and Barbuda with coins.

The ECCB however said in Thursday’s statement that the situation has since been resolved, and the coins that were affected by that situation are now being made available to commercial banks.

The ECCB also advised in the statement that, as set out in its 2017-2021 Strategic Plan, “the Bank will be embarking on the elimination of loss making coins. In addition, the Bank will be advancing its thrust to encourage a reduction in the use of cash given the increasing security issues associated with this method of payment.

A statement on the details of these strategies will be issued in due course.”