Central Bank Governor, Dr. Alvin Hilaire, introduced all-new polymer notes for $5, $10 and $20 at a virtual launch on Tuesday (27th October 2020). He noted the introduction of the polymer notes was a cost-effective measure for the bank and they will come into circulation from Monday 2nd November 2020. They cost a bit more – each note costs about 50% more – but it lasts about two and a half times longer. So you see the balance is, you would be able to get more bang for the buck. Unlike the demonetisation of the $100 bill back in December 2019, however, there will be no need to rush and line up at commercial banks to change existing $5, $10 and $20 bills. The new polymer notes will be introduced through the banks and will co-circulate with the old notes until the end of 2021. What about $1 bills? New $1 polymer notes will be coming in January 2021 along with a new version of the $50 polymer note. The $50 note was the first polymer bill to be introduced into Trinidad and Tobago in 2015 by former Central Bank Governor, Jwala Rambarran. The new notes will be the same colour as the old cotton bills and will bear similar features, such as local birds and flora. For instance, the $5 bill will feature a market scene and the $10 bill will feature an oil derrick. The new polymer bills will also have features for the visually impaired, such as raised prints as well as security features like microprint labels and features which can only be seen under ultraviolet light. At the virtual launch on Tuesday, Governor Hilaire said the bank will start a study soon to determine the feasibility of keeping five-cent pieces in circulation. The bank removed the one-cent coin from circulation in 2018 as the cost of minting the coin was more than the value of the coin itself. [Source]
We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
0 Comments
Leave a Reply. |
AboutYouthere1 is a website focused on providing useful information, breaking news, entertainment and online shopping in Trinidad and Tobago.
AlertsSupportYouTubeContactPrivacyCategories
All
Archives
March 2024
|
© 2024 Youthere1 Enterprises. All Rights Reserved.