EASTERN Caribbean Central Bank (ECCB), during its recent 109th monetary council meeting, said its redesigned currency notes, featuring new imagery, could begin circulating by 2027.

In a communique coming out of the October 18th meeting, the central bank said that the redesigned EC$100 banknote, which could first enter circulation by late 2027, will be followed by releases of the $5, $10, $20, and $50 banknotes which are expected to come at later dates as current stocks deplete.

The redesigned banknotes will showcase dual portraits of two distinguished nationals from the Eastern Caribbean Currency Union (ECCU), with a total of 10 prominent, regional figures featured across all denominations.

“Each denomination will feature dual portraits of two notable ECCU nationals. Ten prominent regional figures in all will be featured on the redesigned banknotes,” the communique said. The ECCB has not yet, however, disclosed the names of the individuals who will be featured on the new banknotes.

Its push to update the currency forms part of broader efforts to modernise the region’s financial system. During the recent meeting, the council also discussed initiatives related to financial inclusion, digital currency, and economic sustainability. This, as the bank continues to pledge its commitment to evolving alongside global economic trends.

“The introduction of the redesigned banknotes follows a series of significant developments in the ECCB’s financial policies aimed at supporting the ECCU’s long-term growth and stability,” a report by the
Antigua News Room noted.

For decades, the late Queen Elizabeth II’s portrait has been a prominent feature on notes and coins issued by ECCB. However, following a historic decision made at last year’s monetary council meeting, the members agreed to remove the monarch’s image from the Eastern Caribbean (EC) dollar.

Council members agreed to replace The Queen’s image with the ECCU logo, pending a public consultation process that ran until the end of last year. During that period, public consultation and feedback was sought, and opportunities created to welcome community responses on the proposal, as well as suggestions for the new designs.

The ECCU logo currently bears the flags of ECCB member countries encircling the logo of ECCB.

The EC currency, which succeeded the British West Indies dollar, has been in existence since 1965 when it was first brought into circulation during October of that year.

The EC dollar is the official currency for the eight ECCB member countries comprising Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines, Anguilla and Montserrat. These countries are largely members of the ECCU.