Central Bank to consider removing 5 cent coin

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    Central Bank Govenor Alvin Hilaire says they are considering removing the five cent coin from circulation, similar to what was done with the one cent coin almost two years ago.

    This is pending a study which is to begin in a few months time, but he says the aim is to cut costs.

    Mr. Hilaire says they have also saved on costs by changing the material of the other coins currently in circulation.

    Meanwhile, without stating details, the Governor says the Central Bank is also aiming to put measures in place to reduce the reliance of cash or coins as forms of payment.