Gradual Reduction Anticipated for Paper-Based Banknotes in Circulation  

• The quantity of paper-based banknotes now in circulation is expected to be gradually reduced over at least the next 12 to 24 months. This is as the Bank of Jamaica (BOJ) undertakes phased disbursement of the new Polymer replacement versions.
• BOJ Governor, Richard Byles, told JIS News that persons will be able to conduct transactions using the existing banknotes alongside the Polymer versions during the period.
• He noted that while the BOJ only accommodates private persons in relation to exchanges, given the special nature of the new notes, the public will be accommodated to exchange old notes for new ones.
• Meanwhile, the BOJ has issued over $11 billion worth of new banknotes, since the exercise commenced on June 6 with disbursements to deposit-taking institutions (DTIs).

(Source: JIS news)