Bank of Jamaica Ceases Exchange of Non-Us Dollar Coins at its Banking Counter

• The Bank of Jamaica (BOJ) has advised that effective July 1, 2024, it will no longer exchange coins of the Canadian Dollar (CAD), Great Britain Pound (GBP), and Euro (EUR) at its banking counter.
• This decision signifies a notable change in the Bank’s currency exchange services, intended to tackle persistent operational issues.
• The BOJ considers the exchange of foreign currencies as a public service and, for many years, has exchanged CAD, GBP and EUR coins for Jamaican Dollars. However, due to limited repatriation options for non-USD foreign coins, providing exchange services for these currencies has become more challenging recently.
• As a result, after giving value for these coins at its banking counter, the Bank cannot obtain value in return.
• Furthermore, the decision to cease accepting non-USD coins is consistent with the practice of central banks in the Caribbean region that are faced with similar difficulties.

 (Source: BOJ)