By Clint Chan Tack Thursday, June 21 2012

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Noted: Central Bank Governor Ewart Williams, right, presents Finance Minister Winston Dookeran with the new $50 note at Eric Williams Financial Comple...

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THE Central Bank yesterday announced the issue of a new $50 note to coincide with the celebration of this country’s 50th anniversary of Independence. The note will become a permanent part of the domestic currency structure. The new notes will be released to the public in early August and the quantum of notes which will be issued will be driven largely on the basis of demand.

At the launch of the note at the Eric Williams Financial Complex, Port-of-Spain, Central Bank Governor Ewart Williams said, “The new $50 note will make the currency structure more convenient for public use, since it bridges the gap between the $20 and $100 notes.”

Williams said the issuance of the $50 notes should “also bring some financial savings over to the Central Bank over time, as it will reduce the demand for the twenties and smaller denominations to meet transactions.”

He also explained that because the $50 note remains within the existing $1 to $100 currency range, “there should be no concern about any inflationary impact or about merchants adjusting the prices upwards in line with the larger currency denomination.”

Williams said over the years, the Central Bank has taken steps to upgrade the security features of this country’s currency notes to protect them from being counterfeited. He reminded the audience that a $50 note was first issued in this country in 1977 but was withdrawn from circulation “consequent on an incident in which some un-issued notes went missing.”

Finance Minister Winston Dookeran described the introduction of the note as “a reflection of the continued evolution of our economy and society.” Dookeran, a former Central Bank Governor, said, “I know that it fits in well with other denominations and I have no doubt that it will increase the public’s convenience in using cash.”

He observed that while credit and debit cards provide the public with newer ways of making payments, “many of our citizens still prefer to make their day-to day payments in cash.” Deputy Governor Joan John later briefed the audience about some features of the new $50 note.