BARBADIANS WHO HAVE BEEN stockpiling coins in their homes are being encouraged to deposit them at commercial banks and credit unions.
Deputy Director, Currency, at the Central Bank of Barbados, Octavia Gibson, revealed that many persons horde coins as a way of saving up money, and this practice has begun to impact the Bank’s ability to meet the Christmas demand.
“Traditionally, Barbadians collect their small change for a few months and then cash it in for their birthday or at Christmas, but that hasn’t been happening this year,” Gibson stated.
According to her, the denomination most affected was the one dollar coin.
“We currently have almost 27 million one dollar coins in circulation, which should be more than enough to meet demand, but they aren’t moving around the cash system as they usually do,” she lamented.
Gibson explained that even with the Central Bank issuing one dollar coins daily, having so many coins out of active circulation is creating challenges.
“We are encouraging the public to take the coins they have been collecting to their banks and credit unions and deposit them on their accounts,” she said. (BGIS)
