Sunday 5 April, 2020

Last day to trade in old $100 bills

Today (December 31) is the last day to reedeem your old $100 bills.

This, as the $100 cotton note ceases to be legal tender from January 1.

According to the Central Bank, the new bill is based on a polymer substrate and has significantly enhanced security features.

Redemption of the $100 cotton notes can be done either through commercial banks or the Central Bank.

There are very specific conditions for exchange of $100 cotton notes after December 31 from the Central Bank.

Last week, the Central Bank said in order to facilitate efficient and secure transfer of deposits by merchants/organizations who may collect $100 cotton notes on December 31, commercial banks will be allowed to accept deposits of these notes from merchants/organisations on January 2 and 3, for redemption at the Central Bank.

However, merchants must be in contact with their respective banks before December 31, to ensure that the bank is prepared to accept the cash and make the deposit to the Central Bank. 

Get the latest local and international news straight to your mobile phone for free: