Complete Financial Report of Saint Lucia

Basic Information

• Country ISO Code: LC

• Official Language: English

• Language ISO Code: en

• Current Official Currency: East Caribbean Dollar

• Currency ISO Code: XCD

Historical and Current Currencies of Saint Lucia

1. East Caribbean Dollar (XCD) – Current Official Currency

• ISO Code: XCD

• Symbols: EC$

• Singular Name: dollar

• Plural Name: dollars

• Monetary Subdivision: 1 dollar = 100 cents

• Fraction Name (singular): cent

• Fraction Name (plural): cents

• Initial Production Date: 1965 (introduced regionally)

• Final Production Date: ongoing

• Initial Circulation Date: 1965

• Final Circulation Date: currently in circulation

• Mint: Various mints including Royal Canadian Mint and others for coin production

• Issuing Authority: Eastern Caribbean Central Bank (ECCB)

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

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

• Designs and Symbols:

  • Coins feature regional symbols such as the national flower (rose), indigenous wildlife, and cultural motifs.

  • Banknotes depict prominent regional leaders, cultural heritage, and natural landmarks.

• Historical Context:

  • The East Caribbean Dollar replaced the British West Indies dollar in 1965 to unify the currencies of the OECS member states, including Saint Lucia.

  • Pegged to the US dollar at a fixed rate of EC$2.70 = US$1, providing monetary stability.

  • The currency supports regional economic integration and facilitates trade and investment.

• Current Status: active and sole legal tender in Saint Lucia.

• Curiosities:

  • The ECCB issues commemorative coins celebrating cultural and environmental themes.

  • The currency is widely accepted alongside the US dollar in tourism-heavy areas, but the EC dollar is the official tender.

2. British West Indies Dollar (BWI$) – Historical Currency

• ISO Code: no longer in use

• Circulation Period: 1949–1965

• Context:

  • The British West Indies dollar was used across several British Caribbean territories, including Saint Lucia.

  • It was replaced by the East Caribbean Dollar as part of regional monetary reform.

• Status: out of circulation

3. Colonial Currencies (Pre-1949)

• Saint Lucia utilized various colonial currencies, including British sterling coins and notes, and earlier Spanish dollars and other colonial currencies.

• These were replaced progressively by the British West Indies dollar and later the East Caribbean dollar.

Economic and Monetary Context

• Saint Lucia is a member of the Eastern Caribbean Currency Union, which promotes economic cooperation and monetary stability.

• The economy is largely based on tourism, agriculture (bananas, cocoa), and services.

• The fixed peg of the East Caribbean Dollar to the US dollar ensures stability and encourages foreign investment.

• The ECCB manages monetary policy and currency issuance for Saint Lucia and other member states.

Summary Table

Additional Information

• Legislation: The Eastern Caribbean Central Bank Act governs the issuance and regulation of the currency.

• Signatories on Banknotes: Typically include the ECCB Governor and the Minister of Finance of the issuing member state.

• Commemorative Issues: ECCB issues coins commemorating events such as independence anniversaries, environmental conservation, and cultural heritage.

• Design and Production: Coins are minted by various international mints, including the Royal Canadian Mint and the Pobjoy Mint.

This report is prepared in English, the official and most widely used language of Saint Lucia, based on reliable historical and financial sources.