Currency and Banking

The local currency is the Eastern Caribbean dollar which is tied to the US dollar with a fixed exchange rate of EC$2.68 = US$1.00. This rate has been fixed since 1976. The local currency is controlled by the Eastern Caribbean Central Bank, situated in St Kitts. The US dollar, generally considered to be a second currency, circulates freely and is the currency of choice in most commercial transactions throughout the island.

Nevis currently has four commercial banks: St. Kitts-Nevis-Anguilla National Bank Ltd., First Caribbean International Bank, RBBT Bank (SKN) Ltd., and The Bank of Nova Scotia (Scotia Bank). The commercial banks are regulated in accordance with the provisions of the Banking Act, 2004 and supervised by the Eastern Caribbean Central Bank .

Nevis also has one Offshore Bank, which is The Bank of Nevis International Ltd, a wholly owned subsidiary of the Bank of Nevis Ltd.