CIMA reaches out for design ideas for new cash
(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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Category: Local News
Why not ask for ideas to create 5,000 to 10,000 New Administrative Jobs?
Britains Financial Clearings House employs over 80,000 employees and is Europe’s Financial Clearings Hub for clearing all of the United Kingdom and Europe’s $69trn financial payment instruments.
It makes payment for all debit withdrawals presented to banks electronically or manually by checks, debit and credit cards and is a fundmental aspect of Britains triving financial economy
So why are there no forward thinkers the Cayman Islands Monetary Authority trying to attract new and good business to the Cayman Islands like this? and why are no one trying to get our Monetary Authority to approach and partner with the London Financial Clearings House to set up shop in the Cayman Islands and provide a clearings service for the Caribbean?
As a leading financial center, the Cayman Islands could easily become the Regions Financial Clearings House Hub just like Britain is to Europe?
This could easily add anywhere between 5,000 to 10,000, NEW and well paying finance, accounting and administrative jobs to our economy
Its time for us to stop reacting to economic stimulation and for our leaders to start thinking in a forward mobile manner of expansion and growth
With a local government charging $0.50 for each financial clearings transaction, the Cayman Islands Government via the Cayman Islands Monetary Authority could significantly incresease its revenue while creating finance, accounting and administrative jobs
Let us in leadership positions of government start attracting wealth and financial mature growth by approaching the London Financial Clearings House for a partnership to provide the Caribbean Region with clearings and create new jobs in the Cayman Islands
https://www.google.com/amp/s/www.bbc.com/news/business-40258449.amp
How dominant is London?
Very. London is the world leader for the clearing of all types of currency-denominated derivatives including the euro.
The London Clearing House (LCH), which is part of the London Stock Exchange, says it clears a whopping 927bn euros-worth of euro-denominated contracts a day, this is some three quarters of the global market.
In contrast, Paris the second-biggest operator in the sector, clears just 11% of the transactions.
https://www.wsj.com/articles/future-of-london-finance-at-stake-in-brexit-fight-11607079748
https://www.express.co.uk/news/uk/851397/brexit-news-france-european-union-euro-uk-clearing-houses
https://www.express.co.uk/news/politics/1417222/Brexit-news-EU-UK-City-of-London-financial-services-market-clearing-swaps-euro-business
Jeff Webb or Canover Watson? Failing that our national emblem, an 8 year old Honda Fit?
Wrapped around a light pole
Just keep it the same with the King on instead of the Queen. Why change something that is ok as it is?
How about a scene of the over fed and damn near dead crowd wandering aimlessly around GT streets or a picture of Mt. Trashmore oozing methane gas 😳😳😳
How about all the night clubs and bars that have had a shooting, stabbing or an armed robbery?
Bring back the $40 as a commemorative banknote celebrating the Queens long reign as monarch.
Use animals, you know they wont’ be going anywhere.
turtles, birds, whatever. And maybe the noble chicken! Since those rats with wings aren’t going anywhere.
if its pegged to USD why dont we just change to USD.
simple and cost saving
Because then CNB, CIBC and Butterfield wouldnt be able to rip us all off on the “fx” rate.
Photo of several lawyers in court with the Cayman Motto “He hath foundered it upon the fees”.
We should be using Sterling in any case.
Why?
We formerly did use British currency. There’s reason we’ve moved on for the better.
that makes zero sense given that all of our FS exports charge in usd, half government revenue is in usd and all of our imports are in usd, it obviously makes sense to use usd.
No heros please. Most are too dubious. Finally we will get rid of all notes with Macbeaters signature.
We just need to know the way home.
Why not just keep them? I’m not aware of any law that requires that the notes and coins be replaced – happy to be corrected on this point.
The world is slowly moving towards becoming cashless. In 10 years cash will essentially be obsolete.
Why waste the time and resources?
Because Wayne wants a knighthood
That will never happen!
Whilst a cashless society might be desired by some, at least very least, for the Cayman Islands, it is not a functionally feasible option — that is, it might work for some, but not all persons in society.
Class-A licensed banks are not operating at an acceptably efficient and effective standard to go cashless (eg, electronic currency) in the Cayman Islands.
Least amongst cryptocurrencies is the volatility, but there is not sufficient security on crypto-exchange platforms nor market confidence in crypto for a cashless Cayman Islands to be a viable option.
Because when cash is gone the banks will give you a good shafting with every transaction
Not only that, but you will need permission from the government to spend your money on alcohol and other items.
Maybe this would be a good time to switch to a $1 coin and remove the $1 note from circulation – “durable and cost effective”.
No thank you – coins are a nightmare
Hell no, I dont want my pockets filled with dollar coins!
Who in earth down thumbs a comment like this?
Coins don’t work in a strip club.
Does nobody think of the strippers?
Bills featuring discarded beer bottles and plastic containers ans bags, illegal dumps, conrete trucks, public beach on cruise ship days, traffic jams would be representative.
‘The current design features local marine life, flora and fauna, as well as references to Cayman’s seafaring history and scenic locations. make a rub n smell note…dump….
and add the 30 storey glass buildings.’
Not so current now.
Guns and ganga.
Please print the new notes on a fabric that can stretch so our money goes a little further.
You are too funny.
Princess Diana’s image should replace Lizzy.
I think we need an image of a car hitting a light pole with a concerned man looking on
Another one of a man wearing a grey wig hitting a woman
One of a JCB tearing down mangroves
And the last one should be of a cat and chicken being fed with some grain by a man in handcuffs
Leaf blowers, Honda Fits, Voxys, and KFC/Popeyes fried chicken
🙌
How about except for the references to the Regency, make all other images scenes of concrete jungles, roads and traffic jams, eroding beaches, feral animals, overpopulation…and at least one scene on each denomination of a politician holding a bank note, representing the endemic corruption!!
You know, accurate images of life in Cayman these days!!
Something with a fixed gold or silver standard would be cool. Much less volatile. Less people would lose their houses n ting.
Agreed that a precious metals backed currency (eg, gold) represents real value, but the catch is that it must be redeemable for the gold it represents.
In this global world economy, having the KYD pegged to the USD, which is the world currency as a petrol dollar, is what is advantageous to the Cayman Island (including the fact the the USA is our main trading partner for imports and is in close geopolitical proximity to our jurisdiction).
If, for example, Saudi Arabia were to join BRICS and they were to create a new petrol currency, then adjustments would have to be reconsidered as to what store of value should be considered for the KYD.
CIMA could do a limited run of $100 face 24k Gold Plated Bills for $125. Collectible tourist items, and for the approval-hungry douche bag billfold. Waterproof emergency money.
Much less volatile! Check out the price movements of gold over the last 12 months. Way more volatile than the US dollar.
They wouldn’t lose their house, they would never have one in the first place because you just killed 95% of all credit LOL.
“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 the opportunity to upgrade the paper used in the banknotes to polymer which is durable and cost-effective.”
This all sounds good, CIMA: stability and cost-effectiveness are important.
Given that money, which is an abstract unit of account and a universal medium of exchange (acceptable as for payment of debts and representation of a store of value), should have confidence of all those in legal possession, if it is feasible to add anything further that could prevent against illegal reproduction of counterfeit currency, those preventative features are to be desired (if possible).
* Meant to say: “…durability and cost-effectiveness…”, not “…stability and cost-effectiveness…”.
Yes I agree NO dubious rogues and vagabonds of this society Absolutely Not. Historical items or non political subjects etc Women or seafaring heritage and development as well environment issues youth & sports accomplishments. We committee for erry ting wha happen yah Chris
How about replacing the Queen with an image of Ronald McDonald?
Our currency then becomes a collector’s item and we make money just by printing money.
The purple KYD $40-bills (with the seahorse on them) are already collectors items.
Myself and others have been collecting them for quite a few years now.
ah wah? I never seen one in my life
The number 2 question in the survey is whether CIMA should make the notes legible for the blind/visually impaired. Question, why does this need to be voted on? Why isn’t this assumed and CIMA just do it? Lord does the Cayman Government always need to make every simple action more complicated than it needs to…
I took the CIMA survey and voted “yes” to the second question (ie, compatibility features for the blind and visually impaired), because that is a hallmark of a democratic society governed by rule of law to be compatible with equality, non-discrimination and human dignity.
Alas, aspirational standards for too few it seems.