Bank of Jamaica
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By Javaughn Keyes
The Bank of Jamaica has confirmed that it is no longer issuing any of the bank notes that are being replaced by new polymer notes.
Deputy BoJ Governor Natalie Haynes said the central bank is hoping to stick to the two year timeline for the old notes to be demonetized.
She said a number of steps must also be taken before the notes are fully withdrawn.
The line of notes scheduled to be phased out now constitute 40 per cent of total notes currently in circulation, she said, the central bank having ceased issuing the "old notes" in November last year.
When the new polymer notes were first introduced in 2023, the BoJ said it would take about two years for the old notes to be out of circulation and demonetized.
She explained however that the central bank has to be carefully montoring the situation, "because there are still some issues with some of the ATMs; the banks are currently about 99 per cent in terms of ATM acceptance of the new notes as well as issuance of the new notes."
One bank is still retrofitting its ATMs to accept the new $2000 note, "and so we want to wait until that is achieved and you have full coverage for the notes in all ATMs across the island," she added.
Only then will the BoJ be in a position to give advance notice of the date of de-monitization of the old notes, she said.
That date will also have to gazetted, she said.
The old notes, collected by the central bank, will be destroyed after the date of de-monitization.
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