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Jamaica stops exchanging Bermuda money

The Bank of Jamaica has warned its customers that it will no longer exchange Bermuda dollars from today.

A statement from the country's central bank, released last Friday, said it would stop exchanging Bermuda bills at its counters because it has been unable to “repatriate this particular foreign currency”.

A bank spokesman said: “In that regard, after giving value for the Bermudian 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 Bermudian dollar.”

The spokesman said the bank viewed the exchange of currency as a “public good” and added: “After accepting the Bermudian dollar at its banking counter in exchange for Jamaica dollars over the years, we regret any inconvenience caused by this decision.”

The bank did not state when the problem arose or how much it had cost the bank. Efforts to contact the bank for comment were unsuccessful yesterday.

The Ministry of Finance did not respond to a request for comment.

(File photograph)

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Published August 26, 2019 at 9:00 am (Updated August 26, 2019 at 9:10 am)

Jamaica stops exchanging Bermuda money

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