Barbados is switching to new-look polymer banknotes by the end of the year.

In announcing the new notes, Governor of the Central bank of Barbados Cleviston Haynes said that while the Bank remains committed to reducing the use of cash and ensuring that Barbadians have a range of payment options available to them, at the same time they recognise that cash remains popular.

He notes that there are still many Barbadians for whom cash is their principal means of payment, and others who continue to use it in combination with other options.

Mr. Haynes says polymer banknotes have become increasingly common in recent years as banknote manufacturers have found ways to incorporate novel and varied security features in them and that this functionality was the rationale for the change.

He added that with this transition to polymer, the bank will be able to offer Barbadians banknotes that are highly secure, with features that are harder to simulate yet easy to authenticate.