Comprehensive Financial History Report of Anguilla

Basic Information

• Country ISO Code: AI

• Official Language: English

• Language ISO Code: en

• Current Official Currency: East Caribbean Dollar

• Currency ISO Code: XCD

Monetary History of Anguilla

Anguilla is a British Overseas Territory located in the Eastern Caribbean. It has a population of approximately 15,000 people and its economy relies heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants.

Current Official Currency: East Caribbean Dollar (XCD)

• ISO Code: XCD

• Name (singular): East Caribbean Dollar

• Name (plural): East Caribbean Dollars

• Subdivision: 1 East Caribbean Dollar = 100 cents

• Name of fraction (singular): Cent

• Name of fraction (plural): Cents

• Date of Introduction: The East Caribbean Dollar was introduced in 1965 as a common currency for several Eastern Caribbean territories.

• Mint: Coins and banknotes are produced by various mints and printing houses, coordinated by the Eastern Caribbean Central Bank.

• Issuing Authority: Eastern Caribbean Central Bank (ECCB)

• Coin Denominations: 1, 2, 5, 10, 25 cents; 50 cents; 1, 2 dollars

• Banknote Denominations: 5, 10, 20, 50, 100 dollars

• Designs / Symbols:

  • Banknotes and coins feature regional flora, fauna, historical figures, and cultural symbols of the Eastern Caribbean.

  • The currency is pegged to the US dollar at a fixed rate of 2.7 XCD = 1 USD.

• Status: Active and official currency used by eight of the nine ECCB member territories, including Anguilla.

Economic and Monetary Context

• Anguilla’s economy is small but dynamic, with a significant focus on luxury tourism and offshore financial services.

• The financial sector includes seven licensed domestic and offshore banks, money service businesses, and captive insurance companies.

• The use of the East Caribbean Dollar facilitates trade and financial integration within the Eastern Caribbean region.

• The currency’s peg to the US dollar provides stability and confidence for investors and tourists.

• The Eastern Caribbean Central Bank regulates monetary policy and ensures currency stability across its member territories.

Additional Information

• Financial Regulation: The Anguilla Financial Services Commission oversees the financial sector, including banks, insurance companies, and offshore entities.

• Money Laundering Risks: The offshore sector presents some vulnerabilities, particularly related to mutual funds, trusts, and international business companies (IBCs), but the ECCB and local authorities actively monitor and regulate these risks.

• Currency Usage: The US dollar is also widely accepted unofficially in Anguilla, especially in tourist areas, but the East Caribbean Dollar remains the sole legal tender.

• Legislation: Monetary and financial regulations are governed by the ECCB and local laws consistent with British Overseas Territory status.

Summary Table

This report provides a detailed overview of Anguilla’s monetary history and current financial context, highlighting the use of the East Caribbean Dollar as the official currency under the authority of the Eastern Caribbean Central Bank.

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