Feb 2017 Financial News

One cent to be phased out

Feb 16, 2017

CASH rounding rules will be phased in over the coming months as the one cent coin is phased out of circulation by the Central Bank of Trinidad and Tobago.

This was announced on Tuesday by the Central Bank’s Manager of Banking Operations, Sharon Villafana, during the first instalment of the 2017 edition of the bank’s “Know Your Money” seminars.

The seminar was held in the Main Conference Room, Level 16 of the Central Bank, Eric Williams Financial Complex, Independence Square, Port-of-Spain.

“When we eventually remove the cent, in order to facilitate your cash payments in a smooth transition, so that it would not disrupt the entire cash system, we will be introducing rounding rules...Rounding is the lesser or greater adjustments of a financial cash payment to the nearest five or ten cents.”This would apply to the total bill of cash payments only; not to the price of individual items, so merchants do not have to adjust the prices of their goods. All “non-cash forms of payment; credit and debit cards, will still require the full value of the payment to be made.” Financial institutions may also stop “giving a one cent again, in terms of actual withdrawals over the counter,” Villafana said.

“They will be implementing rounding as well. So as the one cent becomes less and less available, we hope that more and more persons will be able to adopt these guidelines.”

Source:
Sasha Harrinanan
Newsday
Thursday February 16, 2017

http://www.newsday.co.tt/news/0,239910.html