In a latest announcement, the Financial institution of Jamaica (BoJ) has confirmed the cessation of issuing previous financial institution notes, as a part of its ongoing transition to polymer notes.
Deputy Governor Natalie Haynes emphasised the establishment’s dedication to adhering to the two-year timeline for the entire demonetization of the outdated forex.
Haynes outlined the steps required for the complete withdrawal of the previous notes from circulation. At present, these notes account for a good portion, constituting 40 per cent of the whole forex in circulation.
The cessation of issuing “previous notes” commenced in November of the previous 12 months, marking a big milestone within the transition.
Transition challenges and progress
Regardless of the bold timeline set forth by the BoJ, challenges persist in making certain a clean transition.
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Haynes acknowledged ongoing points with some Automated Teller Machines (ATMs) and highlighted the banks’ progress in accepting and allotting the brand new polymer notes, with a powerful 99 per cent ATM acceptance fee.
Nonetheless, she famous that one financial institution remains to be within the technique of retrofitting its ATMs to accommodate the brand new $2000 notice.
Stipulations for demonetization
Haynes emphasised the need for complete ATM protection earlier than saying the date of demonetization.
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The BoJ goals to make sure that all ATMs throughout the island can successfully deal with the brand new forex, an important prerequisite for advancing to the subsequent part of the transition course of.
Future steps and transparency
Solely upon attaining full ATM protection will the BoJ present advance discover of the date of demonetization.
Haynes shared that that date can even should be gazetted.
The previous notes, collected by the central financial institution, will likely be destroyed after the date of de-monetization.
