{"id":25438,"date":"2019-04-03T19:24:10","date_gmt":"2019-04-03T23:24:10","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=25438"},"modified":"2019-04-03T19:24:12","modified_gmt":"2019-04-03T23:24:12","slug":"central-bank-wants-to-reduce-use-of-cash","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/central-bank-wants-to-reduce-use-of-cash\/","title":{"rendered":"Central Bank Wants To Reduce Use Of Cash"},"content":{"rendered":"
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The Eastern Central Bank Governor Timothy Antoine is reassuring the currency union that the Bank has no intention of eliminating the use of cash.
According to Antoine, the plan is to reduce usage.<\/p>

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\u201cCash has its conv<\/g>enience will continue to play an important role in our economy and that is for the foreseeable future. The ECCB is committed to reducing our region use of cash and checks\u201d.<\/p>\n\n\n\n


The bank\u2019s Governor says the per cent given for the use of cash and checks transaction is still high while other payment options are still too expensive and slow.<\/p>

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“In the ECCU about 80% of all payment is effected using cash or checks when we survey our payment landscape; we can\u2019t but help conclude that payment is still too slow and too expensive\u201d.<\/p>

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While the cost to maintain cash is high, Antoine says those costs are usually passed on to the consumers.<\/p>\n\n\n\n


\u201cAlthough first scale analysis of the social cost of physical cash in the ECCU has not yet been carried out, it is indisputable that cost of cash services including transporting, storing, insuring and securing are extremely high, invariably, these high costs are pass on to the consumers\u201d.\u00a0<\/p>

\"\"<\/a><\/div>\n\n\n\n


Antoine says there is still a bit of ignorance as relates to the cost of cash services by some business in the currency union.<\/p>\n\n\n\n


\u201cIt is obvious to us that many businesses recognize the true and full cost of cash services. This reality, however, means and given the fact that the informer sector is so important in our region, means that the informal sector bears a disproportional burden in respect to the cost of cash\u201d.<\/p>

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The bank will circulate new notes throughout the currency union. <\/p>

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These notes will replace the current paper notes and will begin circulation with the $50 notes from June, $10 and $5 in September and $20 and $100 bills in December and January.
The new notes are more durable and difficult to counterfeit.
<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

The Eastern Central Bank Governor Timothy Antoine is reassuring the currency union that the Bank has no intention of eliminating the use of cash.According to Antoine, the plan is to reduce usage. \u201cCash has its convenience will continue to play an important role in our economy and that is for the foreseeable future. The ECCB […]<\/p>\n","protected":false},"author":3,"featured_media":25439,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,5],"tags":[],"class_list":["post-25438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"\nCentral Bank Wants To Reduce Use Of Cash - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/central-bank-wants-to-reduce-use-of-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank Wants To Reduce Use Of Cash\" \/>\n<meta property=\"og:description\" content=\"The Eastern Central Bank Governor Timothy Antoine is reassuring the currency union that the Bank has no intention of eliminating the use of cash.According to Antoine, the plan is to reduce usage. \u201cCash has its convenience will continue to play an important role in our economy and that is for the foreseeable future. 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