PORT OF SPAIN – Effective July 1, the Central Bank says it will no longer issue one cent coins.
In a recent notice, the Central Bank said that in addition to eliminating the one cent, the other coins – five, 10 and 25 cent coins, would be issued with a new metallic composition.
The Central Bank said, with the changes, cash rounding guidelines will apply for bills after the one cent coin is eliminated from the financial system – noting that rounding down will apply if a total bill after taxes ends with a one, two, six or seven, then it will be rounded down to the nearest five cent.
The Central Bank says the move is expected save Government an estimated TT$15 million in minting costs yearly.
In addition, the bank says that the public will have the opportunity to redeem their one cent coins with the launch of a coin redemption drive.
The Central Bank has the exclusive right to issue and redeem currency notes and coins in the twin island republic.
With the approval of the Ministry of Finance, the bank makes decisions on the denomination, substrate and characteristics of local notes and coins.
In the past, the bank has issued limited amounts of one dollar coins to mark special events such as the United Nations Food For All campaign in 1979, as well as commemorative coins in celebration of special events and occasions of national significance. (CMC)