Monday 1 June, 2020

Bank of Jamaica no longer exchanging Bermuda dollar

Effective Monday, August 26, the Bank of Jamaica (BOJ) will no longer be exchanging the Bermuda dollar.

This is in large part due to correspondent banking issues.

On Friday, the BOJ announced its policy decision and said it was taken in a context where the bank has been unable to repatriate this particular foreign currency.

“In that regard, after giving value for the Bermuda dollar to the public at our banking counter, the Bank cannot obtain value in return. Given this development, the only recourse at this time is to cease accepting the Bermuda dollar,” the BOJ said in a statement.

Bank chiefs added they view the exchange of foreign currencies as a public good, and after accepting the Bermuda dollar in exchange for Jamaican dollars over the years, BOJ regrets any inconvenience caused by this decision.

Deputy Governor of the BOJ, Natalie Haynes, was quoted in the media on Friday explaining that issues with its correspondent bank in the United States forced the central bank to make the change.

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