Wed | May 27, 2020

BOJ will no longer trade Bermuda dollar

Published:Friday | August 23, 2019 | 4:55 PM
Contributed photo.

Bank of Jamaica (BOJ) is reporting that effective Monday, August 26 it will no longer exchange the Bermuda dollar at its banking counter.

The BOJ says the decision has been taken because the bank has been unable to repatriate the foreign currency.

“In that regard, after giving value for the Bermuda dollar to the public at our banking counter, the Bank cannot obtain value in return. Given this development, the only recourse at this time is to cease accepting the Bermuda dollar,” a spokesperson said in a statement today.  

The spokesperson said the BOJ views the exchange of foreign currencies as a public good, and after accepting the Bermuda dollar in exchange for Jamaica dollars over the years, it regrets any inconvenience caused by this decision.

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