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Sunday 15 July 2018
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Central Bank: Bring your one cents to us

Central Bank of TT. PHOTO BY JEFF K MAYERS

TT's one-cent coins officially ceased to be legal tender on Tuesday.

The public had until Monday to redeem their one-cent coins at any commercial bank.

No need to rue missing that deadline however, as the Central Bank yesterday had a bit of good news for those still in possession of the coins.

You can redeem them "indefinitely" at the Central Bank, Eric Williams Financial Complex, Independence Square, Port of Spain.

Opening hours for the Central Bank’s tellers are 8 am to 2 pm, Monday to Thursday and 8 am to 3 pm on Fridays.

For more information, you can contact the Central Bank via email at info@central-bank.org.tt or call 621-2288, extension 2723 or 2023.

Cash rounding rules – for cash payments only – were phased in over the past year as the one cent coin was phased out of circulation by the Central Bank.

Announcing this during a Know Your Money seminar in February 2017, Central Bank banking operations manager Sharon Villafana said

"Rounding is the lesser or greater adjustments of a financial cash payment to the nearest five or ten cents. All non-cash forms of payment; credit and debit cards, will still require the full value of the payment to be made.”

A full explanation of the Central Bank's rounding rules can be found here: https://www.central-bank.org.tt/sites/default/files/page-file-uploads/Rounding%20Guidelines%20July%202017.pdf

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