The Financial institution of Jamaica (BOJ) is reminding the general public that cotton-based banknotes stay authorized tender and have to be accepted for transactions till June 30, 2025.
The central financial institution issued the discover amid reviews that some native companies have already stopped accepting the previous notes, regardless of the transition interval nonetheless being in impact.
“All companies and people are required to just accept the previous cotton banknotes for transactions as much as and together with June 30, 2025,” the BOJ said.
After July 1, whereas the cotton notes will not be authorized tender for on a regular basis transactions, the BOJ assured the general public that it’s going to proceed to alternate them indefinitely for the brand new polymer notes.
Moreover, deposit-taking establishments (DTIs) — similar to business banks and constructing societies — have dedicated to accepting deposits of the previous notes over-the-counter and, in some circumstances, by way of ATMs till at the very least the top of July 2025.
“Companies and people can subsequently relaxation assured that they are going to be capable of deposit cotton banknotes to their financial institution accounts or alternate them for brand new polymer banknotes at their respective DTIs,” the BOJ said.
The BOJ launched the polymer banknotes in 2023 as a part of its efforts to enhance the sturdiness, safety, and cost-effectiveness of Jamaica’s forex. The complete phase-out of cotton notes is a part of this ongoing transition.
Source link
