Financial institution of Jamaica needs to remind the general public that, efficient 1 July 2025, the outdated cotton banknotes comprised of the $5000, $1000, $500, $100 and $50 denominations will now not be authorized tender.
Which means they may now not have the ability to be used for transactions for items and providers.
However this, Financial institution of Jamaica will proceed to redeem the outdated cotton banknotes for face worth indefinitely.
Following the demonetization of the outdated cotton banknotes, money transactions needs to be carried out utilizing the brand new polymer banknotes, comprised of the $5000, $2000, $1000, $500 $100, and $50 denominations, which have been in circulation since June 2023, and the present coin denominations of $20, $10, $5 and $1.
