Complete Financial Report of Saint Kitts and Nevis

Basic Information

• Country ISO Code: KN

• Official Language: English

• Language ISO Code: en

• Current Official Currency: East Caribbean Dollar

• Currency ISO Code: XCD

Monetary History and Currency Information

Current Official Currency: East Caribbean Dollar (XCD)

• The East Caribbean Dollar (symbol: EC$; ISO code: XCD) is the official currency of Saint Kitts and Nevis, as well as seven other members of the Organisation of Eastern Caribbean States (OECS).

• Introduced in 1965, it replaced the British West Indies dollar.

• The XCD is pegged to the United States dollar at a fixed rate of approximately EC$ 2.70 to US$ 1, providing exchange rate stability.

• The currency is subdivided into 100 cents.

• Coins in circulation include 1, 2, 5, 10, 25, 50 cents, and 1 dollar coins.

• Banknotes in circulation include denominations of 5, 10, 20, 50, and 100 East Caribbean dollars.

• The currency is issued and regulated by the Eastern Caribbean Central Bank (ECCB), headquartered in Basseterre, the capital of Saint Kitts.

• The US dollar is widely accepted and circulates alongside the XCD, especially in tourism and commercial sectors, though change is usually given in East Caribbean dollars.

• Credit cards are widely accepted in hotels, restaurants, and retail outlets.

Economic and Monetary Context

• Saint Kitts and Nevis is part of the Eastern Caribbean Currency Union, which promotes economic integration and monetary stability among its members.

• The local economy is primarily based on tourism, offshore financial services, and agriculture.

• The stability of the East Caribbean Dollar, anchored to the US dollar, facilitates investment and international trade.

• The Eastern Caribbean Central Bank is responsible for monetary policy, currency issuance, and maintaining financial stability in the region.

Summary Table

This report is prepared in English, the official language of Saint Kitts and Nevis, based on reliable and up-to-date sources on the country’s currency and financial system.