00:00Minting a 5-cent coin costs the central bank approximately 24 cents, which is 19 cents more than its face
00:07value.
00:08On an annual basis, the bank spends approximately 0.6 million to 0.7 million to issue between 12 to
00:1614 million 5-cent coins in circulation.
00:19Planning and Economic Affairs Minister Dr. Kennedy Swarad Singh, responding to a matter on the adjournment in the Senate raised
00:25by Independent Senator Dr. Marlene Atz,
00:28who referenced an announcement by the central bank in February that while no decision has yet been made about the
00:375-cent coin,
00:38it is under consideration as a cost-saving initiative for Trinidad and Tobago.
00:43Mr. President, monetary policy does not operate in abstraction. It operates in the everyday lives of citizens.
00:51It is reflected in the price of food, the cost of transport, and the change people receive at counters.
00:57A few cents here and there may seem insignificant, but over time, these small amounts accumulate,
01:05placing a growing burden on those who can least afford it.
01:08Mr. President, in matters such as these, policy clarity is not optional. It is a necessity.
01:15Minister Swarad Singh reflected on the position of the central bank that the 5-cent coin no longer holds independent
01:22purchasing power.
01:23For small businesses in particular, particularly micro-retailers and vendors that continue to transact largely in cash,
01:31the removal of 5-cent coin is unlikely to disrupt pricing or sale activity.
01:36In practice, many retail transactions are already rounded informally,
01:41and pricing structures are typically set as multiples of higher-value denominations.
01:46For low-income consumers, the demonetization is not expected to erode purchasing power.
01:51However, Minister Swarad Singh sought to make one thing clear.
01:55Mr. President, the matter of demonetization of the 5-cent coin is currently before Cabinet.
02:00There has been no policy decision by government on the advice of the central bank,
02:06and there are no plans by this government or the central bank to demonetize any other coin.
02:12If government were to approve the central bank's recommendation,
02:17Trinidad and Tobago's future coin suite will therefore consist of 10 cents and 25-cent pieces.
02:22And the Planning and Economic Affairs Minister responded to the independent senator's call for clarity on another monetary policy matter.
02:30Mr. President, the national emblems of Trinidad and Tobago Regulation Amendment Act
02:35was recently amended to facilitate the national adoption of a new coat of arms.
02:40This requires all currency notes bearing the current design to be withdrawn from legal tender by 2031.
02:48Minister Swarad Singh told the Senate that the central bank recently advised of a rollout
02:53of a new $100 denomination note in August of this year, 2026.
03:00Jewel Brown, TV6 News.
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