Thursday 4th April, 2019-The Governor of the Eastern Caribbean Central Bank is making a case for the reduction of the use of cash and cheques within the Eastern Caribbean Currency Union.
Timothy Antoine says the aim is not to eliminate the use of cash, since it “has it convenience and will continue to play an important role in the economy” for the foreseeable future, but according to him, they have discovered payments are too slow and are proving to be expensive.
The ECCB governor stated that many businesses are unaware of the real cost of cash services.
The ECCB is set to introduce new Polymer bank notes into circulation with enhanced features on the 5, 10, 20, 50 and $ 100 notes. The enhanced $ 50 will bear the image of the late Sir K. Dwight Venner, former Governor of the ECCB.