For the past 18 months the Central Bank has been re-examining the denominational structure of Barbadian circulation coins. While we are undergoing this exercise, the Bank has not placed its usual order for one cent coins. It was our hope that the one cent drive that we initiated in September 2012 would, in addition to assisting the Barbados Alzheimer’s Association to raise funds for a day care facility, generate enough one cent coins to make up for the shortfall. Although we have collected more than 10 million one cents through the drive, the process of sorting the coins to ensure their fitness for circulation has been more protracted than anticipated.
While the Bank has continued to issue one cent coins to commercial banks on a daily basis, we have not been able to do so in the usual quantities. As a result, some retailers have had difficulty making change for their customers. The Central Bank sincerely regrets any inconvenience and worry caused by the shortage and assures the public that all of the stakeholders will be consulted during the re-evaluation exercise and that an official announcement will be made upon its conclusion.
The Bank also assures the public that it is redoubling its efforts to address the country's immediate need for one cents.
December 23, 2013