Imbert: New $100 discussions for business, unbanked ongoing

FINANCE Minister Colm Imbert said that the issue of the business sector and the unbanked possibly redeeming their old $100 notes for the new polymer notes past the December 31 deadline was the subject of ongoing discussions.

He was responding to an urgent question in the House on Wednesday about the new polymer $100 note and whether business people would be able to deposit their old notes on January 2 after the December 31 deadline; a legal order on Wednesday gave the new deadline as January 1.

He said this matter and other related matters were being discussed by the Finance Ministry, commercial banks and Central Bank and the three entities were looking at the various options to deal with old banknotes after December 31.

Couva South MP asked about doubles vendors, saheena vendors, fishermen, people who cut grass and other owners of unregistered business who collected the old notes on December 31 would be allowed to deposit their income on January 2. Imbert replied that the question about the unbanked and the informal sector was also being discussed. He added that people doing work on December 31 may receive the new polymer notes.

He reported that minutes before he entered the chamber he was in discussions with the Central Bank Governor about the current position of the urgent question posed.

“So all of these things are being actively discussed daily basis. These are real-life situations and we are seeking real-life solutions.”

Naparima MP Rodney Charles asked the Prime Minister when the order was placed for the new notes and Dr Rowley replied that it had been placed “a long time ago” and the national security process was initiated and first piece of correspondence was in 2017. He said the actual order was placed many months ago in 2019.

Charles asked the cost for the printing of the notes and Rowley replied the cost of printing notes is a national security matter but the unit cost was cheaper because it was a large tranche and bought in bulk.