As of December 31st, the current $100 bill will no longer be legal tender in Trinidad and Tobago.
This was announced by Central Bank Governor, Dr Alvin Hilaire at a news conference this morning.
He said the existing law allowed for demonetization of currency to come three months after the pre-announcement but that the amendments made by Parliament over the weekend, allowed for it to be done after two weeks.
Dr Hilaire told the news conference this morning that the decision was taken to have the change done by the end of the month.
He said Central Bank has met with the commercial banks and they are working to turn around operations in one day.
The currency was given to the banks on Monday and will be available to the public from Tuesday.
Dr. Hillaire said the Central Bank does not know much about the national security decisions behind the quick change but added that they are working to ensure that the Ministry’s objectives are met.
He added the polymer is more durable and cost-effective and will help save the country a lot of money.