Bank of Jamaica Ceases Issuance of Old Bank Notes

• The Bank of Jamaica (BOJ) has confirmed that it has stopped issuing old banknotes as part of its ongoing transition to polymer notes. During the BOJ’s Quarterly Monetary Policy Press Conference, Deputy Governor Natalie Haynes emphasised the institution’s commitment to adhering to the two-year timeline for the complete demonetisation of the outdated currency.
• Haynes outlined the steps required for the full withdrawal of the old notes from circulation. Currently, these notes account for 40.0% of the total currency in circulation. The cessation of issuing “old notes” commenced in November 2023, marking a significant milestone in the transition.
• Despite the ambitious timeline set by the BOJ, challenges persist in ensuring a smooth transition. Haynes acknowledged ongoing issues with some Automated Teller Machines (ATMs) and highlighted the banks’ progress in accepting and dispensing the new polymer notes, with an impressive 99% ATM acceptance rate.
• She further emphasised the necessity for comprehensive ATM coverage before announcing the date of demonetization. The old notes, collected by the central bank, will be destroyed after the date of de-monetization.

(Sources: BOJ & Caribbean National Weekly)