New money has better security features, says Governor

Governor of the Central Bank of Barbados, Cleviston Haynes, is confident about the safety and security of the new polymer banknotes.

During a recorded message on Monday after the notes were circulated, Haynes said the currency was released following years of collaboration with banknotes designer and printer De La Rue.

“This represents the culmination of more than two years of research and collaboration with our long-time bank note printers De La Rue to develop an attractive modern, secure banknote series.

“Our objectives from the outset of the project were clear – the notes had to be secure so the level of counterfeiting in Barbados continues to be low so that Barbadians can use them with confidence. Second, the notes had to be highly durable and last longer in circulation.

“We are confident we have achieved these goals. The notes contain security features that are hard to simulate but easier for people to authenticate so that you can check them quickly as you go about your business,” Haynes said.

The polymer notes are waterproof and more durable than paper notes.

The Bank also issued a statement its website in response to those who questioned why the change in design was necessary.

“While some countries and territories such as Canada and England change the design of their money regularly, that hasn’t been the case in Barbados. In fact, the 2013 banknote series was the first time the look of our banknotes changed significantly in 40 years,” the Central Bank said.

They also recalled that small changes were made over time, and maintained that they reviewed their safety policies repeatedly.

“What you may not have realised is that there have been subtle changes to our banknotes throughout those four decades. That’s because the Bank is constantly reviewing the security features in our money and adding new ones in an attempt to stay ahead of counterfeiters.

“Doing this while maintaining the same design can become a little confusing, however, because it means there are notes in circulation that look the same, but have different features for you to check. So what we did in 2013 and are doing again in 2022 is change the design as well. This way, you’ll know which features to look for on which notes,” the statement added. (TG)

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