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Bank of Jamaica temporarily suspends TTD exchange

THE Bank of Jamaica (BOJ) yesterday announced that on Monday it will be suspending the exchange of Trinidad and Tobago dollars at its banking counter until further notice.
The BOJ explained that the suspension is in effect while the existing arrangements for repatriating Trinidad and Tobago banknotes is being reviewed.

“BOJ wishes to advise the public that the existing arrangement for BOJ to repatriate Trinidad and Tobago banknotes is currently under review,” an interim notice posted yesterday stated.
“In this regard, effective 6 November 2023, the exchange of Trinidad and Tobago dollars at BOJ’s banking counter is suspended until further advised. Please be guided accordingly,” it stated.

The BOJ did not specify the reason for the review but said that the temporary suspension will remain in effect until further notice.

Halliwell
There goes all dem T&T dollars ya saving

Narper

Hoping you dont have a pension in T&T.

Oh My what else can Rowley do...

‘Waning confidence for TT dollar in Jamaica’

Local businesses seeking to get US dollars from the Jamaican banking system using the T&T dollar may no longer be able to do so. So said economist Dr Vaalmikki Arjoon as he responded to the decision by the Bank of Jamaica (BoJ) to temporarily suspend the acceptance of TT currency from tomorrow.
“It will put a serious dent for those T&T economic agents who try to access US dollars from the Jamaican banking system using the TT dollar, similar to what has occurred in Guyana.

“Indeed, several business entities have made attempts to supplement the shortfall they face when accessing USD from local banks by attempting to source them, not only through the black market, but also from other banks in the region including in Jamaica.
“This move by the BoJ will, however, stymie such a practice in Jamaica, but can thereafter help to compound black market sales of US dollar,” Arjoon explained. He also noted the move showed waning confidence in the TT dollar in Jamaica.

On Friday, Jamaica’s central bank, which is called the Bank of Jamaica, said it was suspending the exchange of T&T banknotes at its counter effective tomorrow “until further advised”.


Ian Quan-Soon