ECCB sees sense in scrapping cents
The Eastern Caribbean Central Bank (ECCB) will cease to issue one and two cent coins from July 1 to sidestep the "significant cost of producing and handling them".
They will remain legal tender until June 30, 2020, but banks will stop circulating them and businesses will be encouraged to round cash transactions to the nearest five cents.
In a press release titled "Fewer Cents Make More Sense!" the ECCB explained that rounding "will not be applied to non-cash payments" as they can be "settled
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Central Banks
