In a recent announcement, the Bank of Jamaica (BoJ) has confirmed the cessation of issuing old bank notes, as part of its ongoing transition to polymer notes.
Deputy Governor Natalie Haynes emphasized the institution’s commitment to adhering to the two-year timeline for the complete demonetization of the outdated currency.
Haynes outlined the steps required for the full withdrawal of the old notes from circulation. Currently, these notes account for a significant portion, constituting 40 per cent of the total currency in circulation.
The cessation of issuing “old notes” commenced in November of the preceding year, marking a significant milestone in the transition.
Transition challenges and progress
Despite the ambitious timeline set forth 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 per cent ATM acceptance rate.
However, she noted that one bank is still in the process of retrofitting its ATMs to accommodate the new $2000 note.
Prerequisites for demonetization
Haynes emphasized the necessity for comprehensive ATM coverage before announcing the date of demonetization.
The BoJ aims to ensure that all ATMs across the island can effectively handle the new currency, a crucial prerequisite for advancing to the next phase of the transition process.
Future steps and transparency
Only upon achieving full ATM coverage will the BoJ provide advance notice of the date of demonetization.
Haynes shared that that date will also have to be gazetted.
The old notes, collected by the central bank, will be destroyed after the date of de-monetization.
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