Friday 10 April, 2020

$100 bill to be taken out of circulation

National Security Minister, Stuart Young, has announced that the current $100 bill will be taken out of circulation. A polymer note will replace the old bill.

Minister Young revealed the news at this week’s Post Cabinet Media Briefing.  

Young says the decision came after the government determined that the bill had been used in nefarious activities including money laundering, counterfeiting and drug deals. 

According to the Minister, when citizens take in their old $100 bills to be traded, they will be asked to explain the source of their funds once it's above a certain amount.

He says an emergency Senate sitting will be held on Saturday to allow for an amendment to the Central Bank Act to be passed. The amendment, once passed, will allow governments to have changes to currency done in a minimum of 14 days. Currently, it takes three months for such a decision. Young says that while the amendment only requires a simple majority, he doesn't anticipate push back from 'right thinking' members of the opposition.

Young also revealed that the new $100 bill will feature braille to make life easier for the differently abled community.  

He says information regarding bill trades and co-circulation will come via the Central Bank later today. 

Stopping short of revealing specific details which led to the decision, Young says he’s confident that the move will aid in the fight against crime. 

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