BOJ extending timeframe to exchange old banknotes
Nathan Roper / Our Today
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The Bank of Jamaica (BOJ) has announced that it is in talks with the country’s commercial banks to extend the deadline for individuals to exchange their old cotton-based bank notes for the new polymer variants, as the cut-off date of July 1st approaches.
The polymer banknotes were first introduced to the Jamaican public in the summer of 2023, incorporating a fresh design and style. The BOJ said at the time it intended to replace the cotton notes with these newer versions over time, eventually ceasing the circulation of the older paper bills altogether.
The July 1 date was announced in April. However, the central bank confirmed that even after this date, the BOJ will accept and exchange cotton-based notes for polymer.
Richard Byles, the Governor of the Bank of Jamaica since 2019, has stated that his organisation is also pressuring commercial banks operating locally, such as Sagicor, Scotia, and others, to commit to a similar system of accommodating those who cannot meet the July 1st cut-off.
“We are talking to the commercial banks to see whether they would allow for that swap out to continue even after July 1,” he declared. “We want everybody in the public to swap out their old notes for new notes by the first of July, and you can do that in all the commercial banks. After that, you can come to the Bank of Jamaica and swap them out.” Bring them in, change them out. There is no cost to you whatsoever.”
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