Beginning tomorrow, July 1, the East Caribbean Central Bank (ECCB) will no longer issue the one and two-cent coins to commercial banks in the Eastern Caribbean Currency Union (ECCU).
As such, commercial banks operating in the Eastern Caribbean Currency Union will cease to issue the coins to consumers during transactions at any of their branches and businesses should not give the coins as change.{{more}}
The ECCB in a release, however, reminded the public that the coins can still be used to purchase goods and services, as they remain legal tender up to June 30, 2020. The coins can also be deposited or exchanged for face value at any of the commercial banks within the ECCU during the five-year period ending 30 June 2020.
The release also states that the message for the withdrawal of the EC one-cent and two-cent coins from circulation is creatively captured in a jingle composed and sung by veteran calypsonian and soca artiste Fantastic Tunda of St Kitts and Nevis.
The jingle, which samples the tune from his 2013 hit: âRoun Upâ, informs the public about the withdrawal process and the rounding rules applicable to cash transactions.
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