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Central Bank to probe coin shortage

Published:Friday | May 19, 2017 | 12:00 AM

Governor of the Bank of Jamaica, Brian Wynter, says the Central Bank is undertaking a probe to determine what led to the shortage of coins in the market.

Wynter says there has been a sharp decline in coins moving in the local economy since March.

Describing the decline as significant, he says the BOJ has not been able to pinpoint the problem.

The central bank governor says the Bank is bringing forward orders for coins from its suppliers to plug the shortage.

He says the bank also plans to go on a coin collection drive to boost its numbers.

Wynter says things should normalise by next month.

Recently the operators of the North South Highway announced an adjustment in toll rates to eliminate the need to give coins as change.

The coin shortage was cited as a reason for the move.