Government to get rid of 'red money'

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red-money.jpgThe government announced that the one, ten and 25-cent coins -- which many Jamaicans refer to as "red money" -- are to be put out of circulation by the Bank of Jamaica, due to the downward trend in their use since 2005.

Information Minister, Senator Ruel Reid explained at a post-Cabinet press briefing this morning that Cabinet had approved the proposal to demonetise these coins because an efficiency assessment had determined that the cost of making these denominations consistently exceeded their face value.

The one, five and 20 dollar coins will remain in circulation.