BOJ: 87% of Notes in Circulation are New Polymer

Bank of Jamaica (BOJ) Deputy Governor, Natalie Haynes, addresses Tuesday’s (May 21) BOJ Quarterly Monetary Policy Press Conference. Listening is BOJ Senior Deputy Governor, Dr. Wayne Robinson. Photo: Yhomo Hutchinson/JIS

The Bank of Jamaica, BOJ, says 87% of notes in circulation are the new polymer currency.

The new series of polymer Jamaican banknotes comprise upgraded $50, $100, $500, $1,000, $5,000 and the newly introduced $2,000 bill.

Deputy Governor Natalie Haynes says over time, the old notes are being redeemed at BOJ. She was addressing the BOJ’s Quarterly Monetary Policy Press Conference on Tuesday

Ms. Haynes says the BOJ had previously indicated that it’s giving two years from the issue date, which was last year June, before demonetising the old notes.

Meanwhile, Ms. Haynes is advising that Jamaicans are moving towards digital payments.

She explained that the statistics for digital banking, which take into account the means of payment and number of transactions, reveal that debit cards top the list.

Additionally, Ms. Haynes says Real-Time Gross Settlement, RTGS, has emerged as the leading transfer option used by Jamaicans.