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

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

Wednesday, December 11, 2019

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KINGSTON, Jamaica — The Bank of Jamaica (BoJ) is advising that effective Friday, December 13, the bank will no longer exchange cotton-based TT$100 banknotes at its banking counter.

The BoJ said its decision comes after the Central Bank of Trinidad and Tobago advised that effective December 31, the notes will be demonetised and will therefore no longer be legal tender.

The BoJ said its policy is only to accept and give value for foreign bank notes that are “in circulation”.

The bank added that should it continue to exchange this demonetised banknote (cotton-based TT$100) , then it may encounter challenges in obtaining value in return from the Central Bank of Trinidad and Tobago.

The BoJ noted that the Central Bank of Trinidad and Tobago issued new polymer $100 banknotes into circulation effective yesterday, December 10.

The bank said these will be readily exchanged by the BoJ after the usual verification of the authenticity of the note and customer due diligence as required by the Bank's Anti-Money Laundering policies and procedures.

The BoJ added that it views the exchange of foreign currencies as a public good and regrets any inconvenience caused by this decision.

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