Thursday 22 August, 2019

Central Bank outs counterfeit dollar bills' panic

Central Bank notice to the public.

Central Bank notice to the public.

The Central Bank of Barbados has assured the Barbadian public not to panic about the letter 'Z' appearing in the serial number for local banknotes.

'Z' is a legitimate serial number for Barbadian banknotes.

After a series of images and messages were being shared on WhatsApp and other social media platforms, today the Central Bank’s Deputy Director, Currency, Octavia Gibson, confirmed that the Bank does indeed issue banknotes with Z serial numbers.

She said:

“From time to time, the Bank issues notes of all denominations that carry the prefix “Z” in the serial number. These notes are what we call replacement notes. If there is an issue during the production process and some notes cannot be used, the notes issued in their place are given serial numbers with the prefix “Z”. That is why there will be notes of all denominations with that prefix. Having replacement banknotes is standard practice around the world.”

Furthermore, she reiterated that this practice of issuing banknotes with “Z” serial numbers is not new. “From at least as far back as the early 1990s, the Bank has issued replacement banknotes. However, because these notes are fairly uncommon, people are sometimes concerned when they receive them

“The fact that a Barbadian banknote, whatever the denomination, has a serial number with a “Z” prefix does not mean that it is counterfeit.”

But she reminded persons to “Check the note, as you should every note you receive, and once it has the appropriate security features, you should accept it.” 

 

 

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