Rush to exchange old $100s after deadline

THERE were long lines outside the Central Bank, Port of Spain on Monday as people rushed to use the extended period to exchange their old $100 bills for the new polymer note.

The old cotton note ceased being legal tender at midnight on January 1. The last day for the general public to exchange the notes at commercial banks was December 31. The Central Bank had previously stated, in a series of public notices, that anyone who missed the New Year's Eve deadline could exchage their bills at its offices – so long as the individual or organisation had a good reason.

Newsday spoke with some of those waiting outside the bank Monday to find out why they were unable to meet the deadline.

"I was out of the country. I only got the opportunity today, so I came and changed what I have," said one person.

An irate Siparia resident said he would rather not give his full thoughts on the situation, as he might curse.

"It's nonsense. If they knew they extended the time to change money they could have let the banks do it. They just like to frustrate people," he said.

He questioned why the Central Bank did not allow commercial banks to facilitate the extended exchange.

Asked why he took so long to change his money, he said he had not been aware he had the cash, but while cleaning for New Year celebrations he found some money in an envelope. He thought about keeping the old cotton notes as souvenirs but decided it was a waste of money.

He said his frustration intensified after he was told to fill out a form and wait for the bank to respond at a later date to advise when the transaction could be completed. He said he had not been aware of this.

A woman nearby, overhearing the man's comments, said it was unsafe that the bank did not inform of this procedure before because some people brought cash and were not aware that all they had to do today was complete the form and return at a later date.

"It's like they setting people up to get robbed," she said.

At the front of the long lines, one person said while they were displeased with the length of time they had to wait, the bank staff was doing a good job helping them complete the forms. The person added that the overall process of demonetisation could have been handled better with a longer time frame. Central Bank senior manager for human resources, industrial and external relations Nicole Crooks did not immediately respond to Newsday's calls for comment.