<P> The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of the British Virgin Islands and Martinique . Two of its core mandates are to maintain price and financial sector stability, by acting as a stabilizer and safe - guard of the banking system in the Eastern Caribbean Economic and Currency Union (OECS / ECCU .) </P> <P> It was founded in October 1983 with the goal of maintaining the stability and integrity of the subregion's currency and banking system in order to facilitate the balanced growth and development of its member states . </P> <P> The bank is headquartered in Basseterre, St. Kitts, and is currently overseen by Mr. Timothy Antoine, the Bank Governor . Prior to assuming his post in February 2016, the bank was overseen by the late Sir K. Dwight Venner . </P> <P> In early 2015, the bank announced plans to phase out the production of the 1 and 2 cent pieces . The date was finalised as July 1, 2015 . When a motive was sought, it was stated that it takes about six cents to make one cent pieces and about eight cents to make a 2 cent piece . </P>

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