The introduction of the new polymer notes by the Eastern Caribbean Central Bank (ECCB) is part of the institution’s plan to maintain the trust of the region and to stay ahead of the global market, says Governor Timothy Antoine.
He made the statement during the regional launch of the new polymer bills during a ceremony earlier today, May 29.
The ECCB will roll out the EC$50 notes in June, the $100, $20 and $10 in August and September and $5 notes next year (2020).
Governor Antoine revealed that the commissioning of the new notes is part of the bank’s Strategic Plan (2017-2021) and highlights the regional institution’s focus on security and usability.
He further indicated that the move speaks to the ECCB’s understanding of how commerce, banking and money have evolved over time.
Money is based on trust, he emphasized.
Governor also revealed that the new polymer notes make it more difficult for elements to counterfeit the currency, among other things.
Prime Minister of Grenada Dr. Keith Mitchell expressed his pleasure at being able to share in the milestone. He noted that he was especially proud since the ECCB was the first central bank in the region to issue new polymer notes.
The bank is headquartered here, in St. Kitts.