Thursday 26 November, 2020

BATT: Don't rush to banks to change cotton notes to polymer

The Bankers Association of Trinidad and Tobago (BATT) is advising the public that there is absolutely no need to rush into banks to exchange old notes to the new polymer ones

BATT issued a statement on Thursday noting that the Central Bank of Trinidad and Tobago (CBTT) intends to release new $20, $10 and $5 polymer notes which will come into effect from November 2.

It said its members will require a period of approximately two months to retrofit ATMs and various back-office counting machinery to accommodate and accurately dispense the new notes.

BATT also reminded that the old cotton notes will remain legal tender until December 31, 2021, in the first instance. 

According to the association, the transition of old notes to the new notes will be done on a phased basis with the challenges associated with COVID-19 as an additional factor to consider.

“We must remind the public that the safety of its staff and customers is important to all banks.”

BATT said it supports the CBTT in its effort to upgrade from cotton to Polymer with the overall objective of reducing costs and improving efficiency.

Further updates will be disseminated by the respective banks.

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