JBA and BOJ to ensure smooth transition for new banknotes
The Jamaica Bankers’ Association (JBA) says it is actively collaborating with the Bank of Jamaica (BOJ), to ensure a smooth transition for the introduction and circulation of the redesigned polymer banknotes for mid-June.
President of the association, Septimus ‘Bob’ Blake says the decision to update the currency with these advanced security-enhanced polymer notes is an important move towards modernizing Jamaica’s monetary system.
The JBA president adds that the association is committed to supporting the BOJ to ensure a smooth transition and successful implementation.
With the introduction of new polymer notes, adjustments to Automated Banking Machines (ABMs) and other physical banking infrastructure are already underway.
The JBA president also confirms that retrofitting ABMs to accommodate the distribution of new notes is a standard procedure which has been executed successfully in previous instances.
Mr.Blake says “all banking entities have been involved actively in the process to get the 800 plus ABMs islandwide ready for this transition.
Customers should look out for advisories from their respective banks regarding the completion of upgrades to their ABM fleets and when the new notes will be available from their machines.
Additionally, each entity will advise customers when they are ready to facilitate dispensation of the new polymer banknotes and accept them for lodgments.
Mr.Blake also emphasizes that the circulation of the new polymer notes will take place on a phased basis, to ensure a seamless transition from the old notes to the new ones.
In the interim, both the current notes and the new polymer notes will coexist and remain legal tender.
No individual or business will be disadvantaged if they are unable to access the new notes immediately.
The JBA says its dedicated to maintaining clear and open communication during this transition and will continue to provide updates to the public as the rollout progresses.