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Withdrawal of the One Cent Coin

General Public



Is the Central Bank of Barbados phasing out the one cent coin? Why is the Central Bank of Barbados withdrawing the one cent? There has been a shortage of one cents for months. Why is the phasing out only now being announced? Wasn’t the one cent drive supposed to help reduce the cost of producing one cents? Was the one cent drive just the Bank’s way of getting one cents out of circulation before informing the public? How will having no one cent coin affect the pricing structure? Won't prices go up because there will no longer be one cents? Can I still use one cents to buy goods and services? If I have exact change, will totals still be rounded up? Are banks, credit unions, etc. still required to accept one cents? How long do I have to use/deposit my one cents? Are there plans to phase out the five cent coin as well? Are retailers and other businesses obligated to follow the rounding policy? Should business round the price of each item? Should business continue to accept one cents? Will commercial banks continue to accept one cents? How should payments made with credit cards, debit cards, cheques etc. be handled? Should the total still be rounded?

Businesses



Is the Central Bank of Barbados phasing out the one cent coin? Why is the Central Bank of Barbados withdrawing the one cent? There has been a shortage of one cents for months. Why is the phasing out only now being announced? Wasn’t the one cent drive supposed to help reduce the cost of producing one cents? Was the one cent drive just the Bank’s way of getting one cents out of circulation before informing the public? How will having no one cent coin affect the pricing structure? Won't prices go up because there will no longer be one cents? Are retailers and other businesses obligated to follow the rounding policy? Should business round the price of each item? Should business continue to accept one cents? Will commercial banks continue to accept one cents? How should payments made with credit cards, debit cards, cheques etc. be handled? Should the total still be rounded? Are there plans to phase out the five cent coin as well?

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