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(CNS): With the death of Queen Elizabeth II, the currency currently in circulation in the Cayman Islands will be phased out and replaced with a new design featuring King Charles III. The Cayman Islands Monetary Authority, which is responsible for issuing the country’s money, is working on a redesign of the local banknotes in partnership with the government and is asking the public to take part in a survey to determine which theme is most preferred for the new banknotes.
The current design features local marine life, flora and fauna, as well as references to Cayman’s seafaring history and scenic locations. Those taking part in the survey will have the option to select from specific themes and can submit additional ideas of their own.
“We look forward to developing banknotes that Caymanian citizens can identify with and be proud to use as their money,” said CIMA Managing Director Cindy Scotland. “The process to redesign our local banknotes will also include an educational campaign that will seek to raise awareness about the history and unique features of our local currency.”
As steps to guarantee that physical cash continues to be available and accepted as a means of payment for many years to come, CIMA is also taking this opportunity to upgrade the paper used in the banknotes to polymer, which is more durable and cost-effective. The coin designs will remain the same, except that Queen Elizabeth’s image will be replaced by that of King Charles.
Finance Minister Chris Saunders said that phasing in the King’s image on the coins and notes presents an opportunity to involve Caymanians of all ages and walks of life in the redesign process. “The end result will be a currency design that is truly of the people and for the people of these Islands,” he said.
Following the design process, CIMA will authorise the production of the new banknotes in consultation with the Cayman Islands banknotes printer and decide on potential issue dates.
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