Central Bank redeeming one-cent coins indefinitely

Although the one-cent coin today ceased to be legal tender, holders of the coin can still exchange it for other denominations of currency. 

The Central Bank said in a statement today that while the coins can no longer be exchanged at commercial banks, the public may continue to redeem one-cent coins indefinitely at the Central Bank.

The opening hours for the Bank’s tellers are 8 am to 2 pm Mondays to Thursdays and 8 am to 3 pm on Fridays.

Regulations, which make rounding mandatory, will come into effect today.

These regulations were published as Legal Notice No. 35 of 2018 dated March 29, 2018.

Rounding is the lesser or greater adjustment of a final cash payment to the nearest five or 10 cents.

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