According to the Central Bank, the upgrade in the security features is part of its thrust to maintain the “integrity and security” of the Eastern Caribbean currency.
“The update to the security thread in the notes is in keeping with the advancement in technology to prevent counterfeiting. The new security thread therefore makes it much more difficult for counterfeiting and makes it easier for persons to detect counterfeit notes,” the bank said in a release.
Further, the ECCB will implement a system for the withdrawal of the 1 and 2-cent coins effective 1st July 2015, the bank notified in its statement.
ECCB cites the relatively high cost of the coins, compared to theircore value, plus the large volumes required to maintain its supply in circulation, as reasons to withdraw the coins.
According to ECCB’s Deputy Governor Trevor Braithwaite, as of the 1st July 2015, businesses and financial institutions would no longer be issued with the denominations.
Miyvue.com understands that the two coins will not be valid, and consumers will not be allowed to conduct transactions using the coins.
Commercial Banks falling under the Currency Union (ECCU) would exchange the coins for face value.
The ECCB will institute a ‘price-rounding system’ throughout the OECS region for the settlement of cash transactions.