EFFECTIVE on July 1, dollar notes bearing series dated before 2020 should cease being circulated.
The notice was issued by the Central Bank on advice of Finance Minister Colm Imbert dated June 1 and signed by Imbert and Central Bank’s governor Dr Alvin Hilaire.
It stated, “Notice is hereby given that with effect from the 1st day of July, 2021, the Central Bank shall call in the following currency notes (“the said notes”) for the purpose of withdrawing them from circulation: notes in the denominations of $1, $5, $10, $20 and $50 bearing series dates prior to 2020.
“With effect from the 1st day of January 2022, the said notes shall cease to be legal tender for cash payment within Trinidad and Tobago and the Central Bank shall indefinitely redeem the said notes for face value.”
Imbert, in a Twitter post on Thursday stated, “To clarify the attached Notice from the Central Bank, old banknotes in small denominations ($1 up to $50) will be valid up to December 31, 2021. After that, these banknotes can be redeemed indefinitely, either directly by the Central Bank or in arrangements with the commercial banks.”
Last November, new polymer notes began to be distributed by the Central Bank and continued from January 2021.
Dr Hilaire had stated then that the main reasons for the move was to enhance additional security features and while it will cost more to produce, the notes will have better durability.
