Polymer banknotes comprise 87 per cent of currency in circulation
KINGSTON, Jamaica — The Bank of Jamaica (BOJ) is reporting that 87 per cent of notes in circulation are the new polymer currency.
The new series of polymer Jamaican banknotes comprise upgraded $50, $100, $500, $1,000 and $5,000 notes, and the newly introduced $2,000 bill.
“Over time, the old notes are being redeemed at Bank of Jamaica. I had said some time ago that we are giving it two years from [the] issue date, which was last year June, before we actually demonetise those old notes,” said Deputy Governor, Natalie Haynes.
She was addressing the BOJ’s Quarterly Monetary Policy Press Conference on Tuesday.
Meanwhile, Haynes advised 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, Haynes said Real-Time Gross Settlement (RTGS) emerged as the leading transfer option used by Jamaicans.
“So that, to me and to us at Bank of Jamaica, is a sign in terms of the move away from cash to more digital payments using debit cards, credit cards and, of course, online transactions via the RTGS or the ACH (Automated Clearing House),” the deputy governor advised, citing challenges measuring the value of cash used for payments, to make a comparison.
“As we move and push our JAMDEX, that, of course, will contribute to other means of digital payments,” Haynes said.
JAMDEX, launched in July 2022, is Jamaica’s Central Bank Digital Currency (CBDC).
— JIS
