Regulatory Alerts2014-05-20
Central Bank of Barbados (Redemption of the One Cent Coin) (Miscellaneous) Regulations, 2014
The Board of Directors of the Central Bank of Barbados issued these regulations to indefinitely redeem one cent coins at face value and establish rounding rules for final cash transactions. Effective May 7, 2014, cash payments not ending in five cents or a multiple thereof must be rounded to the nearest five cents, with specific rules dictating whether amounts are rounded up or down. The regulations clarify that rounding differences do not constitute financial advantage or loss, exempt non-cash payments from rounding, and impose penalties for contravention.
Share