Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N.J. Antoine, says the bank is “getting closer and closer” to replacing the likeness of the British monarch with regional figures on the EC dollar.
Speaking at the presentation of the communiqué following the 112th Meeting of the ECCB Monetary Council last week, Antoine explained that the transition will take place in phases rather than all at once.
“We expect in all likelihood that the first set of notes will be revealed and made available in 2027,” the governor said.
For decades, the late Queen Elizabeth II’s image has appeared on the EC$5, $10, $20, $50, and $100 notes. The design reflects the Eastern Caribbean’s historical ties to Britain, similar to other Commonwealth nations that recognise the British monarch as head of state.
However, change has been in motion for some time. During its 105th meeting in St Vincent and the Grenadines in 2023, the ECCB Monetary Council approved the replacement of the monarch’s image with the Eastern Caribbean Currency Union (ECCU) logo, subject to public consultation.
Antoine hinted that the public may get an early glimpse of what to expect on the redesigned currency.
“We are toying with an idea around the 50th anniversary of the peg, which is in July, but we will see,” he said, suggesting a possible “big reveal” later this year.
The Governor also clarified that the introduction of the new notes will not mean an immediate withdrawal of existing currency.
“Because what we also said was that because some of our notes are new, we did not want to simply take them out of circulation,” Antoine explained.
“But as they come in and they get retired because they’re mutilated and so on, then we will introduce the new notes with our regional heroes, our regional images.”