Acting resident representative for the agency office of the Eastern Caribbean Central Bank (ECCB) in Dominica, Ambrose Sylvester said new Eastern Caribbean (EC) polymer bank notes will begin circulation in Dominica and other member states of the Eastern Caribbean Currency Union (ECCU) in June,2019.
“This new polymer bank notes will be in circulation as early as June this year commencing with the $50 denomination followed by the $100, the $20 and the $10 in August to September and the $5 in 2020,” Sylvester told DNO in an interview.
Sylvester said the polymer bank notes will eventually replace cotton-based, paper bank notes which are currently in circulation and the two sets of bank notes will co-circulate until the current ones are phased out and withdrawn from circulation over a period of approximately 5 years beginning in 2020 after the $5 notes would have been issued.
He explained, “And hear when I say these notes will co-circulate, it means that they will be in circulation side by side, so, if one goes to any business entity or even through the ATM, you may very well get a combination of both polymer notes and these paper bank notes together. The concept and size of the new bank notes will be retained as in the case of the current ones to ensure familiarity by the consuming public.”
Sylvester said the notes are expected to last about two and a half to three times the duration of the existing notes which will reduce the impact on the environment and make them more cost effective in the long run in terms of production and replacement.
The new polymer bank notes will include distinguishable and forward-looking security features, as well as greater durability which Sylvester said, will differentiate them from existing notes.