Many Jamaicans quickly made their way to the Bank of Jamaica (BOJ) on Thursday, while others turned up at Automated Teller Machines (ATM) hoping to be among the first to get the country’s new polymer banknotes.
Videos and photos have been circulating on social media with people showing the new banknotes they received while comparing them to the old ones.
University student, Truston Grizzle, who is excited about the shift, shared that while he has not received the new banknotes, he has seen them up close and commends the government for the change.
“Quite surreal when compared to what we’re accustomed to which would kind of account for reports of persons inadvertently throwing them away thinking they’re fake,” he told the Caribbean National Weekly.
“I’m very excited! It’s a welcomed change and it’s good to know we’re now operating at an international standard as it relates to how our banknotes look and feel,” he continued, adding that he loves the feature that will help the visually impaired.
The features of the new banknotes include:
- Latest in material technology to produce banknotes of greater durability;
- Greater durability reduces the frequency of replacement and, therefore, the whole-of-life cost of banknotes;
- New technologies allow for enhanced security features making counterfeiting extremely difficult, further reducing the whole-of-life cost of banknotes;
- New technologies allow for features that better meet the needs of the visually impaired;
- Clear color and other distinctions among and between banknotes of different denominations;
- Several banknote printers will be able to print Jamaican banknotes, thus increasing competition and providing better assurance of competitive pricing in the future.
BOJ announced this week that it has extended its opening hours, starting Thursday, June 15, to facilitate the exchange of old banknotes for new polymer banknotes.
According to a release on Tuesday, BOJ said that the new banknotes will be available at the bank between the hours of 9 am and 2 pm.
The bank outlined that individuals who wish to exchange old banknotes at BOJ must ensure they have the following:
- Valid Government-issued photo identification (eg Driver’s Licence, Passport, or National Identification Card).
- Taxpayer Registration Number (TRN)
- Source of funds documentation (salary slip, bank statement, job letter, work permit et cetera) for transactions reaching or exceeding US$1,000 or its equivalent in any other foreign currency.
“Please note the bank may, at its discretion, request similar information for amounts below US$1,000,” BOJ further said.
It also added that it will verify and authenticate the old banknotes as normal before allowing an exchange.
The BOJ also informed the public that both the old and new banknotes will co-exist as both can be used to carry out transactions.
BOJ will resume its usual banking hours of 9 am to 1 pm as of June 26, 2023.
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