BATT Advisory on withdrawal, redemption & demonetization of $1, $5,$10, $20

BATT Advisory on withdrawal, redemption & demonetization of $1, $5,$10, $20
June 7, 2021 BATT

No need to rush.

 The Bankers Association of Trinidad & Tobago notes the announcement issued by the Central Bank of Trinidad & Tobago (CBTT) that with effect from 1st July 2021, it will be calling in the following  currency  notes-  $1,  $5,  $10,  $20  and  $50  that  bear  series  dates  prior  to  2020 (essentially the cotton notes), for the purpose of withdrawing them from circulation.

However, based on CBTT’s notice, while the said currency notes will remain legal tender until December 31st, 2021, the CBTT has committed to indefinitely redeeming the said Notes from the public until further notice. As such, redemption opportunities will be available to all clients post December 31, 2021.

Therefore, as the banks continue to focus on the safety of our customers and staff, BATT is strongly advising customers that there is no need to rush into your respective bank for the sole purpose of seeking to exchange cotton notes into the new polymer notes. In view of the constraints imposed by the Covid 19 pandemic, customers are encouraged to explore low touch alternative channels such as ATMs or night bags to deposit their cotton notes.

BATT member banks support the CBTT’s efforts to upgrade from cotton to polymer notes and as such will continue to put the required systems and measures in place to facilitate a smooth transition.

BATT assures members of the public that there will be minimal disruption to their business and personal transactions during the period of transition.

The public is advised that further updates will be disseminated by the respective banks.

0 Comments

Leave a reply

Your email address will not be published.

*