BoJ ceases exchange of Bermuda dollar

Friday, August 23, 2019

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KINGSTON, Jamaica — The Bank of Jamaica(BoJ) says thateffective Monday, August 26 2019,it will no longer offer the services ofexchangingtheBermudadollar.

According to the BoJ, the decision has been taken in acontextwhere the bank has been unable to repatriatethisparticularforeign currency. In that regard,after giving value for the Bermudadollarto the publicat our banking counter,the bank cannotobtain value in return, the central bank explained in a statement today.

Given thisdevelopment,the onlyrecourse at this time is tocease accepting the Bermuda dollar, the BoJ stated, adding that the central bank views the exchange of foreign currencies as a public good, and after acceptingtheBermudadollar at its banking counter in exchange for Jamaica dollarsover the years,it regretted anyinconvenience caused by the decision.


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