BOJ discontinuing exchange of Canadian, Euro and British Pound coins
Published:Thursday | June 13, 2024 | 11:31 AM
The Bank of Jamaica (BOJ) says, effective July 1, it will no longer exchange coins of the Canadian Dollar (CAD), Great Britain Pound (GBP) and Euro (EUR) at its banking counter.
The bank says while it views the exchange of foreign currencies as a public good, in recent years it has become increasingly challenging to continue to offer this service for non-United States Dollar (USD) foreign coins.
It explains that this is primarily due to the unavailability of options for the repatriation of these coins to their respective issuing central banks.
"As a result, after giving value for these coins at our banking counter, the Bank cannot obtain value in return," a release from Jamaica's central bank says.
It notes that the decision to cease accepting non-USD coins is consistent with the practice of central banks in the Caribbean region that are faced with similar difficulties.
"Bank of Jamaica regrets any inconvenience caused by this decision and will continue to review the situation and keep the public advised of any further developments in this regard," it says.
The Bank says it continues to accept and exchange USD, CAD, GBP and EUR banknotes as well as USD coins.
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