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The Central Bank of Trinidad and Tobago announced its decision to demonetize the five-cent coin by March 1, 2026. Citing increasing production and operational costs, and the declining purchasing power of the denomination, the move is backed by official Cabinet documentation from the Ministry of Finance. A committee, including representatives from different departments, has been formed to oversee the demonetization process. The committee will guide public communication, withdrawal timelines, compliance procedures, and assess the economic and social impacts of the decision. The Minister of Finance has supported the move, stating that minting the five-cent coin is no longer economically viable. Upon implementation, cash transactions are expected to be rounded to the nearest ten cents, while electronic payments will remain exact. Public education and stakeholder engagement are deemed key to a smooth transition. Join the Trinidad and Tobago WhatsApp update group: https://chat.whatsapp.com/DKueX7ZV35626FbOsKBt03
The Central Bank of Trinidad and Tobago announced its decision to demonetize the five-cent coin by March 1, 2026. Citing increasing production and operational costs, and the declining purchasing power of the denomination, the move is backed by official Cabinet documentation from the Ministry of Finance. A committee, including representatives from different departments, has been formed to oversee the demonetization process. The committee will guide public communication, withdrawal timelines, compliance procedures, and assess the economic and social impacts of the decision. The Minister of Finance has supported the move, stating that minting the five-cent coin is no longer economically viable. Upon implementation, cash transactions are expected to be rounded to the nearest ten cents, while electronic payments will remain exact. Public education and stakeholder engagement are deemed key to a smooth transition.
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