BASSETERRE, St. Kitts, Feb. 17.2018 – NOTES issued by the Eastern Caribbean Central Bank (ECCB) are slated for an overhaul, according to Chairman of the Monetary Council, Dominica’s Prime Minister, Roosevelt Skerrit.
Skerrit, while engaging reporters following the conclusion of the 90th Meeting of the Monetary Council of the ECCB in Basseterre, stated that the body received a report outlining changing the substrate of the ECCB banknotes from cotton to polymer.
“Council noted the advantages of the polymer substrate over that of cotton which included, higher durability and more advanced security features. Furthermore, polymer is the new standard that is widely implemented around the world.”
Skerrit stated that after careful consideration, the Council approved the change in the substrate of the ECCB Banknotes.
Governor of the Eastern Caribbean Central Bank, Timothy Antoine indicated that the rollout of the notes will take some time, pointing out that it could begin in 2019.
Following the decision that was agreed upon yesterday, Antoine explained that they will have to engage the potential printers in a proposal, which must be evaluated.
“From the time that we actually make a decision about who will print those new notes, it takes about a year that they produce the new notes. You remember that you have the design, the security feature and those are in processes. We have to do it well and ensure that the notes are good. I ensure you that the way they would look, you will be proud of them.’
He reiterated that it will take a year from the time that the final decision is made.
During that period, the Governor noted that, they have to conduct public education so as to ensure that citizens and residents understand “what the notes would look like, what they should be expecting and how they should treat with them.”
