Senior Reporter
geisha.kowlessar@guardian.co.tt
No reason was given when the Government mandated the Central Bank to suspend the printing of the new $100 polymer banknote featuring the country’s updated Coat of Arms.
This was response by the Central Bank when asked to disclose the reason behind the decision.
“The request did not specify a reason,” the bank said.
The Central Bank also described the relationship between itself and Finance Minister Davendranath Tancoo as “calm and professional in the interest of T&T” when asked whether this relationship was strained or cordial.
Tancoo instructed the bank to halt all activity related to the 2025 series note which was originally scheduled for release later this year.
In the updated design, the three ships associated with Christopher Columbus have been replaced with the steelpan.
In a notice on Saturday, the Central Bank said it had instructed its contracted printer to stop all work related to the printing, design and preparation of the new notes “until further notice.”
The bank was also asked if any meetings were scheduled between the Central Bank and Minister of Finance to discuss the suspension of the printing of the new notes.
“The Central Bank and Minister of Finance share information daily and correspond/meet at times, as needed, to get business done. As the new minister settles in, we may also work out a regular meeting schedule to complement the open interaction already in place,” the bank said.
The Central Bank was also asked what was the cost to print the new notes.
However, it said, “While we are unable to disclose the contract cost publicly, details on the status of printing, the cost incurred to date, and the full contract between the Central Bank and our banknote printer were provided to the Minister of Finance.”
Guardian Media also reached out to regional economist Dr Justin Ram to get his perspective on the suspension.
“I’m not sure what that is. I guess all we can say is that we are waiting to get some further clarification from the Finance Minister as to why they decided to stop that but I cannot speculate really about why that instruction was given to the bank.
“I think the Minister of Finance just has to provide clarification and the explanation to the public and I’m sure he will do that iin due course,” he said.