by Curlan Campbell
- Deposits across ECCU have surpassed EC$28 billion and are growing faster than loans
- No expectation that minimum savings rate will go up
- Banknotes featuring prominent Caribbean figures will be introduced gradually, beginning in 2027
The Eastern Caribbean Central Bank (ECCB) has announced plans to introduce a new series of EC dollar banknotes featuring Caribbean national heroes, replacing the long-standing image of Queen Elizabeth II that has appeared on EC$5, $10, $20, $50 and $100 notes for decades.
Governor Timothy Antoine made the announcement during the presentation of the communiqué following the 112th Meeting of the ECCB Monetary Council, describing the move as a historic step toward strengthening regional identity. “The council made a very important decision to replace the image of the British monarch with regional figures — our heroes,” Antoine said. “That decision has been made. It is going to be a phased approach.”
The new banknotes will feature prominent Caribbean figures, and Antoine explained that the ECCB expects to unveil the designs as early as this year, with the first set of notes entering circulation in 2027. According to Antoine, the transition will take place over time to avoid unnecessary withdrawal of newer banknotes already in circulation. “Because some of our notes are new, we did not want to simply take them out of circulation,” he said. “As they are retired due to wear and tear, the new notes with regional heroes will be introduced.”
The change marks a symbolic shift for ECCB member states, many of which are part of the British Commonwealth, reflecting efforts to strengthen Caribbean cultural identity and reduce visible colonial-era symbols.
Antoine also addressed monetary policy issues, noting that the minimum savings rate — the lowest rate commercial banks can pay depositors — is unlikely to rise. The minimum savings rate currently stands at 2%, down from 3% and previously 4%. “The truth is, were the Monetary Council to liberalise that rate tomorrow, the savings rate would fall to under 1%,” Antoine explained.
He attributed this to excess liquidity within the banking system, noting that deposits across the Eastern Caribbean Currency Union (ECCU) have surpassed EC$28 billion and are growing faster than loans. “In most countries, the rate is under 1%,” he said. “So there should be no expectation that the minimum savings rate will go up.”
Instead of relying solely on traditional savings, the ECCB is encouraging citizens to explore investment opportunities. Antoine noted that new financial products have recently been introduced across the ECCU, including mutual funds and retail bond programmes designed to broaden participation in regional financial markets. Over the past 18 months, 2 mutual funds have been launched within the ECCU, while nearly 350 new investors have participated in retail bond initiatives.
The governor also highlighted collaboration with governments, including initiatives in St Kitts and Nevis aimed at building a culture of investing among young people through financial literacy programmes. “Savings is a starting point; it is not an ending point,” Antoine said. He noted that only about 4% of people in the ECCB currency union currently invest in regional markets, compared with significantly higher participation in countries such as the United States. The ECCB, he said, aims to increase regional investor participation to 20% within the next decade. “Our ambition is to move from 1 in 25 people investing to one in five,” Antoine said. “And if we can do it sooner, even better.”
Officials say the introduction of new banknotes and expanded investment opportunities form part of broader efforts to modernise the Eastern Caribbean’s financial system while strengthening regional identity.
This latest redesign of the EC banknotes follows a series of changes since 2019, with the phasing out of old paper notes and the introduction of the latest addition to the all-polymer series. The previous major update was in 2024, when the ECCB, in collaboration with the Government of Grenada, issued a commemorative $50 note to mark Grenada’s 50th anniversary of independence, featuring former prime ministers Maurice Bishop and Sir Eric Matthew Gairy. The banknote’s unique design tells Grenada’s story through its prominent people, culture, and sights. Vibrant greens and reds, with the holographic foil design, enhance the visual appeal.
The ECCB also issued a commemorative EC$2 polymer banknote to mark the bank’s 40th anniversary, featuring a portrait of legendary cricketer Sir Vivian Richards.
