No appetite for the face of the Monarch on the EC currency – ECCB Governor
Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB).
News
May 9, 2023
No appetite for the face of the Monarch on the EC currency – ECCB Governor

The likelihood of recently crowned British monarch, King Charles 111 being featured on the Eastern Caribbean currency may be long in coming.

An article in the Antigua Observer quotes, the Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine as saying that there is “no appetite” in the region for the trend of having the British monarch on the EC currency.

Governor Antoine who spoke at a media briefing earlier this year said that the decision would be left up to the Monetary Council, which consists of Ministers of Finance of its Member States.

King Charles 111 automatically became the British monarch following the death of his mother, Queen Elizabeth II in September last year.

The article said that the death of the Queen has reopened the debate on the type of relationship that the former British colonies, including many in the Eastern Caribbean, will have with the United Kingdom.

The Reserve Bank of Australia has already announced its intention to not include King Charles’s portrait on its $5 banknote.

Governor Antoine said regardless of the decision of the Monetary Council, it would take years before any change is made about any new banknote design.

He said there is in stock, three to four years supply of banknotes.

“We are not going to burn them up or throw them away; we invested heavily in them,” Governor Antoine pointed out.

The ECCB Governor noted as well that in his discussions around the region, there was more interest in replacing the monarch with another Caribbean icon.

He, however explained that any decision on a new face on the EC currency would require a consensus by eight separate member countries.

King Charles 111 was coronated on Saturday, May 6, at a ceremony which was officiated by the Archbishop of Canterbury, Justin Welby.

The ceremony took place at Westminster Abbey in London.

This country’s Governor General, Dame Susan Dougan, headed a 13 member delegation to the coronation.

The delegation also included Prime Minister Dr Ralph Gonsalves and his wife, Eloise.