FIVE MILLION DOLLARS IN PENNIES OUT THERE

On 1, 2021, the Central Bank of The Bahamas foolishly abolished the penny as legal tender in The Bahamas. The PLP opposed that move, seeking to pass a resolution in the Senate to reverse the decision.  It was voted down by the then-majority FNM. The PLP argued that it would be inflationary, and it has been. But lately, a financial expert has said this: There are some five million dollars worth of pennies out there that cannot enter the economy.  Yes, you read that right, Because they are pennies, they are not legal tender, but the estimate is that there are five million dollars’ worth of them out there. Another example of the lousy Central Bank of The Bahamas.