KINGSTON, Jamaica, Jun 10, CMC – The Financial institution of Jamaica (BOJ) says outdated cotton banknotes will likely be demonetised as of July 1 this yr.
It warns Jamaicans that as of that date, “the outdated financial institution notes will not be authorized tender” and that the outdated financial institution notes “will not be used for the fee of products and companies.
“All money transactions must be executed utilizing the brand new polymer banknotes, “the BOJ stated, including that it’ll proceed to simply accept the outdated financial institution notes and trade them for brand spanking new ones even after July 1 “for an indefinite interval”.
Jamaica launched new polymer banknotes in June 2023 with the authorities right here saying that the brand new polymer notes are extra sturdy and have enhanced security measures, making them much less liable to counterfeiting.
Earlier this yr, the BOJ, which additionally acts as Jamaica’s central financial institution, stated it had not launched into any steps to revamp the polymer banknotes which have been designed and printed in 2022.
The brand new sequence of Jamaican banknotes is comprised of six denomination, particularly the 50, 100, 500, 1,000, 2000 and 5,000 observe.
Every banknote denomination will function two people, who’re paired in accordance with their contribution to Jamaica, and as such are positioned within the broad classes of: Freedom Fighters; Black Empowerment/Pan Africanist; Fathers of the Nation and Nation Builders.
Marcus Garvey will seem as a single topic given his standing as Jamaica’s first Nationwide Hero.
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