New $100 bills arrive under tight security

Police, soldiers and coast guard officers created a perimeter around the Eric Williams Financial Complex, on Independence Square, Port of Spain blocking vehicles and pedestrians from going near the building on Saturday.

Although officers on site refused to confirm, it is believed the manoeuvre was to secure the new polymer $100 bills being delivered to the Central Bank.

Finance Minister Colm Imbert would confirm the arrival of the new banknotes during a special sitting of the Senate to amend the Central Bank Act.

On Thursday, National Security Minister Stuart Young announced the use of the polymer bills saying it will assist in the reduction of fraud and in capturing those with unexplainable wealth since they will have to exchange their old bills for the new ones.

He said the country will be using a polymer $100 bill from Monday.

On Friday, the Bankers Association of TT issued a media release saying it was in support of the new bills and assured the public there would be no disruption to their business and personal transactions during the transition period.

Officers with automatic guns, 4x4s and trucks blocked off along Wrightson Road from the Fire Service Headquarters to the lighthouse on South Quay; around the Brian Lara Promenade from Wrightson Road to the corner of Independence Square North and St Vincent Street; and from Abercromby Street to Wrightson Road.

The move caused heavy traffic in Port of Spain, especially along Wrightson Road.

In a brief release, the TTPS said officers were redirecting traffic and asked drivers to cooperate by using alternative routes. The statement did not give a reason for the cause of the traffic which also slowed between Edward and Sackville streets.

A source explained whenever new bills made its way to the bank, the southern part of Edward Street was blocked off for delivery underground. They believed the excessive security was due to the heightened interest by the public in the new bill.

It was also observed that average shoppers were “offloading” their $100 bills. At markets, pharmacies, and stores, people were paying for the cheapest items or services with $100 bills, frustrating vendors as they continually had to find change for the notes.

Young, in the Senate on Saturday, said the implementation of the change will be executed by the Central Bank, which has already planned a full awareness campaign about the de-monetisation process.

He re-iterated that the government has the responsibility to make the legislative changes, but the implementation is solely reliant on the Central Bank.