As of December 31st, the current $100 bill will no longer be legal tender in Trinidad and Tobago.
This was announced by Central Bank Governor Dr Alvin Hilaire at a news conference this morning.
He said the existing law allowed for demonetisation of currency to come three months after the pre-announcement but that the amendments made by Parliament over the weekend, allowed for it to be done after two weeks.
Dr Hilaire told the news conference that it is in that regard, the decision was taken to have the change done by the end of the month.
He told the news conference that the Central Bank has met with the commercial banks and that they are working to turn around operations in one day.
The currency is being given to the banks today and will be available to the public from tomorrow.
"Don't rush them," he said, adding that while the banks are making the effort, it could take a little while for everything to flow smoothly.
"It wouldn't run out," he added.
Dr Hillaire said the Central Bank does not know much about the national security decisions behind the quick change but added that they are working to ensure that their objectives are met.
"The Central Bank was approached....there are a few things we know that are already in the public domain. There are many things that we don't know and many things we don't need to know but we are rising to the call," he added.
He said that all other denominations will be converted to polymer by March 31, 2020.
He added the polymer is more durable and cost-effective and will help save the country a lot of money.