Jan 2017 Financial News

Central Bank not making cents

Jan 23, 2017

The one cent coin is to be eliminated from T&T’s national currency denominations, while the metal composition of the five, ten and 25 cent coins will be altered.

The move, which was announced on the Central Bank’s website over the weekend, is expected save Government an estimated $15 million in minting costs yearly. The changes will take place over the next few months.

The Central Bank said: “A single one cent coin currently costs 21 cents to mint and each year the Bank mints on average 45 million one cent coin pieces.”

This savings was calculated at approximately $9,450,000.

Additionally, the new metal composition of the five, ten and 25 cent coins will contain a 90 per cent steel core and less than ten per cent nickel and copper overlay. The Central Bank said the new coins will look and feel the same as current coins.

More information will be given over the next few months about where coins can be redeemed, donation drives and publication of the cash price rounding rules.

The Central Bank has the exclusive right to issue and redeem currency notes and coins in T&T. 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.

Source:
Anna-Lisa Paul
Trinidad Guardian
Sunday January 22, 2017

http://www.guardian.co.tt/business/2017-01-22/central-bank-not-making-cents