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The Eastern Caribbean Bank in Basseterre, St Kitts and Nevis (Photo: OECS Business Focus)

ECCB withdraws coins from circulation

The Eastern Caribbean Bank in Basseterre, St Kitts and Nevis (Photo: OECS Business Focus)

Come June 30, the Eastern Caribbean Central Bank (ECCB) will no longer recognise the EC one and two-cent coins as a means of monetary exchange.

“In July 2015, the ECCB announced that it was withdrawing the one and two-cent coins from circulation and that the public had five years to use those coins,” the ECCB said in a statement on its website.

“Acting Director of the Currency Management Department Rosbert Humphrey says the public can spend the coins and businesses can accept them up until 30 June. He, however, advises that as the intention is to pull the coins from circulation, businesses are not to issue the coins as change,” it continued.

The central bank is, therefore encouraging citizens in the Eastern Caribbean to take the coins to their commercial banks and exchange them for face value or deposit them to their accounts.

As a result, effective July 1, the public will not be able to use the one and two-cent coins as legal tender to pay for goods or services.