ECCB to take some coins out of circulation

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ECCB to take some coins out of circulation


“Effective 1 July 2015, the I cent and 2 cent EC coins will be withdrawn from circulation.”

This was the first line of a statement issued by Deputy Governor of the Easter Caribbean Central Bank (ECCB) Trevor O.B Brathwaite.

According to the statement, the decision was taken by the Monetary Council of the ECCB in light of the high production cost of these coins compared to their intrinsic value, coupled with the large volumes required to maintain an adequate supply in circulation.

Brathwaite stated that as a result of the factors outlined, starting July 1, 2015, these denominations will no longer be issued to businesses or financial institutions.

The coins will no longer be valid either as consumers will not be able to conduct transactions using these coins. Persons can present the coins at any of the commercial banks which operate within the Eastern Caribbean Currency Union (ECCU) to receive face value.

A price-rounding system will be implemented within the ECCU countries for the settlement of cash transactions only, whereby the total payment, inclusive of duties, fees and taxes, will be rounded symmetrically to the nearest five cents. Non-cash payments using cheques, debit and credit cards will not be impacted and therefore will not be rounded.

A video conference is scheduled to be held on Wednesday, April 15 at 2 p.m. to provide stakeholder institutions with critical information relating to the withdrawal of the coins from circulation and to give an opportunity to have concerns aired and addressed.

The video conference will bring together representation from the Ministries of Finance and the Chambers of Commerce within the ECCU.

 

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8 COMMENTS

  1. Really technical way to shaft the poor man.I work at a financial institution and i can tell you every cent counts for a poor person. This is just a means of helping busineses and swindling customers. I can never forget the CCC worker who came to withdraw 2.00 YES 2.00 FROM HIS ACCOUNT TO BUY BREAD WHICH IS SUPPOSE TO LAST HIM FOR THE REST OF THE WEEK.

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  2. Sunshine, there will be no prices such as 1.17, as the article said, there will be a price-rounding system. So all prices will be rounded to multiples of 5 cents.

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  3. That will be a problem, the same thing Barbados did and to me all how I see the businesses will gain from it and not the buyers, for e.g. if I buy something for 1.17 and I give the cashier 1.20, I will not get 3 cents back so it will be a major problem in St.Lucia after people work for less than peanuts, WE DO NOT WORK FOR ANY MONEY IN ST.LUCIA, BILLS TAKE ALL OUR MONEY, NOT EVEN CLOTHES WE CAN BUY WITH IT AND WHEN YOU BUY A SHOE IT DON'T LAST FOR TWO MONTHS.

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  4. That eh making no cents ..chups. This means that businesses with have to adjust the prices on their goods to ensure that they too remove the need for 1 and 2 cent pieces.

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  5. Only looking for easy work on der end but dat makes no sense...cause wat I am seeing as a spender is me having to spend 2and 1cent more on groceries

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  6. soooooo.... all the 1c and 2c i have in my piggy, i have to bring to the bank

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  7. Well it's been working well in Barbados so far so I guess the members of the ECCU will be fine.

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