DOING WAY WITH THE ONE CENT COIN

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The Central Bank of The Bahamas says that it is going to do away with the Bahamian one cent coin as of 31st December 2020.  After that date, the Bahamian pennies will not be legal tender in The Bahamas to pay debts. The Bank says that it simply costs more than the penny is worth to make one.  They say that as far as pricing online is concerned there will be no change but merchants are told that goods that now have a denomination in pennies would be rounded up to the nearest five cents and down to the nearest zero cents if the domination is two cents or below.  We know that this will cause another round of price inflation in The Bahamas.