Over the past month, discussions have been held between St Helena Government (SHG) and the Bank of St Helena (BOSH) to try and find a solution to the lack of Sterling currency on the Island at the current time.
The increased demand for Sterling has been fuelled by a number of factors: the increased movements between St Helena and Cape Town, the tight currency regulations around the movement of Rand out of South Africa, the move by Bureau de Change outlets to require clean Sterling for exchange rather than marked notes, and rules around the movement of monies between territories.
Both SHG and BOSH have been seeking a solution and can now announce that Sterling will be made available to the public following the return of the RMS from Cape Town (V201), arriving on Wednesday 11 December 2013. Plans have been put in place to ensure that monies will be made available on Island through the Bank. An administrative charge will be added to any future exchanges to cover an element of the additional costs of transporting Sterling to St Helena, which mainly relates to the insurance cost.
It must be noted that marked Sterling can be used in the UK – and BOSH does hold Euros for people travelling to Europe.
2 December 2013