Vincentians are being reminded that from July 1st, the Eastern Caribbean Central Bank (ECCB) will no longer issue one cent and two cents coins to the commercial banks operating within the Eastern Caribbean Currency Union (ECCU).
The ECCB says although the coins will no longer be issued, they will remain legal tender up to June 30th, 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions for face value.
The withdrawal of the coins will affect cash transactions only, and the ECCB has prepared a set of rounding rules, which will allow retailers and consumers to conduct cash transactions with little interruption.
The ECCB Monetary Council took the decision to withdraw the one and two cent coins from circulation based on the low purchasing power of the coins and the significant cost of producing and handling the coins.
