Upgrading to polymer

Since 2019 four Caribbean central banks have converted their banknotes to polymer.

Whilst the Eastern Caribbean Central Bank (ECCB), Central Bank of Trinidad and Tobago, the Central Bank of Barbados and the Bank of Jamaica had differing priorities, there were a number of requirements that remained consistent:

- The new banknotes had to last longer
- Any solution needed to be cost effective
- New banknotes had to remain cleaner for longer
- Any solution had to provide enhanced security
- The notes had to offer greater environmental sustainability
- The experience of the visually impaired and blind community had to be significantly improved

The central banks each performed extensive independent research, analysis, and stakeholder consultations over a ten year period. They examined the experiences of other countries that had already transitioned to polymer banknotes. Cost assessments were carried out, involving discussions with the public, banking institutions, and currency printing companies.

Findings and outcomes

- Durability equated to cost effectiveness

The durability of polymer and increased note life meant long term cost efficiencies would be realised when ordering replacement banknotes.

The ECCB and Central Bank of Trinidad and Tobago launched polymer notes in 2019, with many of these original notes still in circulation today. 

- Sustained cleanliness in circulation

The cleanliness of polymer is due to non-porous nature of the substrate which resists dirt and moisture. 

- Inherent security of the substrate

The inherent security of polymer and the sophisticated security selected for each series makes these notes very difficult to counterfeit.

- Reduced environmental impact

Polymer substrate is recyclable and has a lower lifetime emissions footprint when compared to other substrates.

- Financial inclusivity benefits

The ability to emboss durable tactile features onto polymer means that for the first time, Caribbean banknotes are easily identifiable by touch, making each denomination distinct for the visually impaired. The decisions to convert to polymer banknotes has yielded significant advantages for each central bank. The transition has enhanced currency durability, bolstered security measures, improved cleanliness, optimized cost efficiency and made the currency financially inclusive.

This case study serves as a reference for other central banks considering a similar transition, highlighting the positive outcomes achieved through the adoption of polymer banknotes.