Central Bank of Trinidad and Tobago to roll out updated 100$ notes in December

Trinidad and Tobago: The Central Bank of Trinidad and Tobago is all set up to update the polymer 100-dollar notes. The bank is planning to launch the notes by December. The new notes will have a close resemblance with the 2019 series notes but with added features for security. CBTT made this announcement in their progress report regarding the implementation of CBTT’s strategic plan. The new set of notes will have raised dots to aid visually challenged people, in addition to the shimmering ink to be used to mention denominations and clear windows to see the back and front of the note. Apart from the 100-dollar bank notes, there are legal tenders of one, five, ten, twenty and fifty dollars.

Almost five years back the bank launched polymer notes over cotton ones due to certain benefits like durability, as polymer is less fragile than cotton, resulting in less wear and tear of the note. Other than this it was better in areas of security and cost effectiveness. Also, it had a coating of polyurethane varnish making it more durable in cases of water spillage.

A Joint Select Committee (JSC) of Parliament has been set up to examine on the issues of avoiding fraud and customer protection systems in the financial service sector of Trinidad and Tobago.

Central Bank of Trinidad and Tobago is expected to present before the committee and explain their stand on the topics of fraud and customer protection in financial sectors. This way the bank is expected to deepen its bond with law enforcement agencies and financial institutions, law enforcement and committees like JSC.

In addition to committees facilitating discussions on financial issues, there will be public messaging regarding awareness against fraud and cybercriminals.

The bank is also liable to present a report on possible and sustainable methods of payment in the country. It will also be a part of efforts put towards achieving the targets for Global Forum.