146 / 174
132
ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
68
12. Financial assets held for trading
The Bank’s
derivatives relate to currency forwards. Currency forwards represent commitments to
purchase foreign currency and are initially recognised at fair value on the date that a derivative contract
is entered into and are subsequently remeasured at their fair value.
The following is an analysis of the currency forwards held with positive fair value as at March 31, 2017:
Currency sold
/purchased
Notional
value of
contracts
Notional value of
contracts
EC$ equivalent
Value date of contracts
Fair value of
contracts
$
CAD
11,440,119
23,230,346
April 5, 2017
101,628
EUR
1,910,200
5,534,914
April 17, 2017
21,007
AUD
8,266,098
17,077,196
April 21, 2017
16,549
45,842,456
139,184
Current
139,184
The following is an analysis of the currency forwards held with positive fair value as at March 31, 2016:
Currency sold
/purchased
Notional
value of
contracts
Notional value of
contracts
EC$ equivalent
Value date of contracts
Fair value of
contracts
$
GBP
38,500
103,950
April 25, 2016
169
USD
14,019,240
37,851,949
April 4, 2016
245,819
37,955,899
245,988
Current
245,988