The current $100 note will no longer be legal tender as of December 31, 2019.

The announcement was made today by Central Bank Governor Dr. Alvin Hilaire.

At a news conference hosted by the Central Bank in Port of Spain, Hilaire

He said the new note would cost less, be more durable, and was more secure against counterfeiting.

He said the banks found out about the new currency last Thursday “just like everybody else”.

Regarding whether the Automated Teller Machines (ATM) would be able to dispense the new notes, Hilaire said: “…the normal sequence is you take some time (so) the machines are ready. We don’t have that luxury in this particular instance. But we have already met with the banks and with the ATM suppliers so they understand the challenge, they understand the imperative and they are pushing to get things moving as quickly as possible”

He asked for patience. “Adjust yourself accordingly,” he said.

He said the notes were being delivered to banks today and acknowledged that there will be some short term disruption, but it would not be permanent and dissipate over time.