BOJ stops exchanging cotton-based T&T $100 banknotes

BOJ stops exchanging cotton-based T&T $100 banknotes

Friday, December 13, 2019

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The Bank of Jamaica has advised that as of today (December 13) they will no longer exchange cotton-based TT$100 banknotes at its banking counter.

In a press release on Wednesday, the central bank has expressed that the decision was taken in a context wherein the central bank of Trinidad and Tobago has advised that effective year end, the notes will be demonetised and no longer considered legal tender.

“BOJ's policy is to only accept and give value for foreign banknotes that are in circulation, and if BOJ were to continue to exchange this demonetised bank note [cotton-based TT$100] , then it may encounter challenges in obtaining value in return from the central bank of Trinidad and Tobago,” the release informed.

The central bank of Trinidad and Tobago has also noted that they have however issued new polymer $100 banknotes into circulation, which took effect on December 10.

“These will be readily exchanged by BOJ following the usual verification of the authenticity of the note and customer due diligence as required by the bank's Anti-Money Laundering (AML) policies and procedures, the BOJ updated.

The central bank in justifying their decision also indicated that they view the exchange of foreign currencies as a public good and as such regret any inconvenience caused by this decision. They however expressed that they will continue to accept all foreign currencies published at counter rates and which are in circulation, a listing of which will be made available on the bank's website.

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