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ECCB withdraws 1 and 2 cent coins from circulation

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one cent

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Two cent

The Eastern Caribbean Central Bank (ECCB) has confirmed their decision announced in April this year a project to withdraw from circulation the one (1) cent and two (2) cent coins.

The confirmation came earlier following a series of sensitization discussions which included the media who they engaged with a view to guarantee their role in bringing about the transition.

The release said, “As of 1 July, the Eastern Caribbean Central Bank (ECCB) will no longer issue one cent and two cents coins to the commercial banks operating within the Eastern Caribbean Currency Union (ECCU).

Reminding that The ECCB Monetary Council took the decision to withdraw the one and two cent coins from circulation based on the low purchasing power of the coins and the significant cost of producing and handling the coins. “they will remain legal tender up to 30 June 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions for face value.

The withdrawal of the coins will affect cash transactions only. Transactions using cheques and electronic payment, such as debit and credit cards, and wire transfers, will not be affected due to the fact that transactions using those methods of payments can be settled to the exact amount.

The Central Bank has issued instructions and has prepared a set of rounding rules, which will allow retailers and consumers to conduct cash transactions with little interruption, such as, “For cash transactions, only the total payment due will be subject to rounding up or down to the nearest five-cent increment.”

 

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one cent

g195

Two cent

The Eastern Caribbean Central Bank (ECCB) has confirmed their decision announced in April this year a project to withdraw from circulation the one (1) cent and two (2) cent coins.

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The confirmation came earlier following a series of sensitization discussions which included the media who they engaged with a view to guarantee their role in bringing about the transition.

The release said, “As of 1 July, the Eastern Caribbean Central Bank (ECCB) will no longer issue one cent and two cents coins to the commercial banks operating within the Eastern Caribbean Currency Union (ECCU).

Reminding that The ECCB Monetary Council took the decision to withdraw the one and two cent coins from circulation based on the low purchasing power of the coins and the significant cost of producing and handling the coins. “they will remain legal tender up to 30 June 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions for face value.

The withdrawal of the coins will affect cash transactions only. Transactions using cheques and electronic payment, such as debit and credit cards, and wire transfers, will not be affected due to the fact that transactions using those methods of payments can be settled to the exact amount.

The Central Bank has issued instructions and has prepared a set of rounding rules, which will allow retailers and consumers to conduct cash transactions with little interruption, such as, “For cash transactions, only the total payment due will be subject to rounding up or down to the nearest five-cent increment.”