Charlestown-Nevis-The Eastern Caribbean Central Bank (ECCB), continues in its efforts to educate the general public about changes that will be made to its currency notes in the near future.
Staff representatives of the august body, journeyed to Nevis on Monday 4th February, to hold meetings with certain key stakeholders.
On that day, three separate meetings were held at the Disaster Management office’s board room:
Firstly, with representatives for the Blind and visually impaired community; secondly, with a group comprising Taxi drivers, Fisher folk and bus drivers and lastly, with representatives of the business community.
They indicated that they would have previously met with representatives from the banks on Nevis and other key stake holders.
The basic information shared, revealed the following:
The ECCB will put EC polymer banknotes in circulation in June 2019, commencing with the new $50, followed by the $100, $20 and $10 in August/September and $5 in 2020.
The polymer notes and current paper notes will co-circulate.
The old notes are expected to be phased out by the year 2025.
ECCB is the first Central Bank in the Caribbean to issue an entire family of banknotes in polymer. Canada issued polymer notes in 2011; Trinidad and Tobago issued a polymer $50 commemorative circulation note in 2014; The Bank of Scotland issued polymer notes in 2016 and the Bank of England issued polymer notes in 2016.
Polymer banknotes are produced from a thin, transparent and flexible plastic film made from polypropylene.
Key Benefits of Polymer Notes: •
Difficult to counterfeit…safer; resistant to water and other liquids…more hygienic; more resistant to dirt and moisture…cleaner; durable, difficult to tear…last longer
Portrait orientation; modernized images and landmarks; unique tactile feature on each note (for the blind and visually impaired); see through window with fuchsia/pink flowers; holographic foil strip on $20, $50 and $100; new design on $50; new signature – Governor, Timothy N. J. Antoine.
Persons attending the sessions were afforded the opportunity to make comments and ask questions.
The ECCB representatives were very cordial and professional in their responses and pointed out that the comments and suggestions of their hearers, will serve as a valuable guide, going forward.