New bank note to be launched

By Admin Wednesday October 29 2014 in Caribbean
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PORT-OF-SPAIN: The Central Bank of Trinidad & Tobago has announced that a new TT$50 (one TT dollar=US$0.16 cents) note will be launched in December to coincide with the Bank’s 50th anniversary.

 

Governor of the Central Bank, Jwala Rambarran, said the new note will be gold in colour and will be made from polymer, a plastic-type material. He described polymer notes as the future of bank notes, more secure and virtually impossible to counterfeit.

 

“Polymer actually lasts a lot longer than cotton notes,” he said. “Our research has shown that polymer notes will last at least as twice as long as a cotton note which means that in a typical five-year cycle, I would only need to really issue one batch of polymer notes versus three batches in a five-year period.”

 

The Central Bank first issued a $50 note in 2012 to coincide with Trinidad & Tobago’s 50th Anniversary of Independence.

 

However, Rambarran acknowledged that the note had not found widespread acceptance by the population.

 

“Most persons just simply held on to it but it was an issue that went into full circulation,” he said. “There were some challenges around design. That current $50 is olive green in colour which made it a little difficult to distinguish between the current five dollars and the current $10, especially in low light or especially at night.”

 

The new and redesigned $50 bank note will be unveiled during the Bank’s Golden Anniversary celebrations on December 13 and available at banks two days later.

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