Just over half a million pennies redeemed during Central Bank redemption exercise

NASSAU, BAHAMAS — Just over half a million pennies were redeemed during the Central Bank’s penny redemption exercise, the regulator has revealed of the now-concluded programme.

The Central Bank announced in January 2021 that it would decommission the one-cent coin on December 31, 2020, and that the coin would be redeemable until June 30 of this year. The regulator commenced its redemption-by-weight initiative last October, providing a nine-month window for members of the public to receive value for their pennies.

According to the Central Bank, during the exercise, 8,440 people redeemed approximately 55.74 million pennies valued at $557,400.

 

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