National Security Minister, Stuart Young, says cabinet has agreed that the current one hundred dollar bill should be taken out of circulation.
He says a polymer note will replace the old bill.
He made the revelation while speaking at the weekly post-cabinet news briefing on Thursday afternoon.
Minister Young said the move was being taken to address issues such as money laundering and other corrupt and criminal activities.
In order to do this, the minister said the government will be moving to make the appropriate amendment to the Central Bank Act.