(Barbados Today ) – The Central Bank of Barbados has unveiled modern, more attractive and durable banknotes with enhanced security features that make them harder to forge, as Governor Cleviston Haynes declared that despite this being the age of digital payments, cash will not become obsolete in the near future.
The new polymer banknotes, which will officially go into circulation in December, are expected to last about two and a half times longer than the existing paper notes.
During an unveiling ceremony at the Frank Collymore Hall on Wednesday, Governor Haynes said he did not see the use of cash coming to an end anytime soon.
“We envisage that even in the age of digital payments, cash will remain a part of the mix,” he said in a pre-recorded message. “Indeed, cash remains popular. In 2021, the value of currency in circulation was $960 million, the equivalent of almost 10 per cent of GDP (gross domestic product). Simply put, cash continues to be widely used.”
However, he added that it was expected that over time, “technology will displace some of the cash in circulation”.
“Indeed, promoting the increased use of alternative forms of payments is a crucial element of our focus as an institution. We have challenged our financial institutions to join us on that journey, by ensuring the availability of cost-effective modalities of payment in the modern age.