Current bank notes before the change. (Photo by Tamesha Doughty)
By Shantelle Legall-Gibson on Tuesday, 22 March, 2022 at 10:48 AM
The Central Bank of Barbados announced yesterday that by the end of the year, Barbadians will have a new series of banknotes made of polymer.
During the virtual announcement of the new notes, Central Bank of Barbados Governor Cleviston Haynes said, “The Bank remains committed to reducing the use of cash and ensuring that Barbadians have a range of payment options available to them. At the same time, however, we recognise that cash remains popular. There are still many Barbadians for whom cash is their principal means of payment, and others who continue to use it in combination with other options.”
Other countries such as Canada, the United Kingdom, Trinidad and Tobago, and Jamaica have been making the switch to polymer notes as it allows for varied enhanced security feature, which makes it harder for them to be counterfeited. Manufacturers note that polymer is durable and has a long lifespan.
Haynes explained these characteristics were the main rationale for the proactive change.
“With this transition to polymer, we will be able to offer Barbadian’s banknotes that are highly secure, with features that are harder to simulate yet easy to authenticate.” He added that while counterfeiting was not a major issue at present, the Bank has chosen to take a proactive approach.”
The Governor disclosed that while the banknotes would have a new design some of the elements would remain the same.
“The change in material will mean that the new notes have a different feel in addition to the new look, but some things will remain the same, among them the denominations, the colours, and the noted Barbadians who are featured on them. The value of the notes will also remain the same.”
Haynes also revealed that before the banknotes are issued, the Barbadian public would have the opportunity to view and familiarise themselves with the changes. “We will unveil the designs of the new banknotes in early May to give Barbadians a chance to get to know both the design and security features before they are issued at the end of the year.”