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Monday, February 24, 2025

Jamaica

suspends

T&T dollar

exchange

by

478 days ago
20231104
Central Bank, left, at the Eric Williams Financial Complex, Independence Square, Port-of-Spain.

Central Bank, left, at the Eric Williams Financial Complex, Independence Square, Port-of-Spain.

ABRAHAM DIAZ

Ja­maica's cen­tral bank, which is called the Bank of Ja­maica (BOJ), an­nounced yes­ter­day that it was sus­pend­ing the ex­change of T&T ban­knotes at its bank­ing counter ef­fec­tive Mon­day "un­til fur­ther ad­vised."

In an in­ter­im no­tice, the BOJ ad­vised "the pub­lic that the ex­ist­ing arrange­ment for BOJ to repa­tri­ate Trinidad and To­ba­go ban­knotes is cur­rent­ly un­der re­view."

In this re­gard, ef­fec­tive 6 No­vem­ber 2023, the ex­change of Trinidad and To­ba­go dol­lars at BOJ’s bank­ing counter is sus­pend­ed un­til fur­ther ad­vised.

The news that there was a fa­cil­i­ty at the Bank of Ja­maica that al­lowed for the ex­change of T&T ban­knotes came as a sur­prise to sev­er­al peo­ple who mes­saged Guardian Me­dia yes­ter­day.

Seek­ing clar­i­fi­ca­tion from the Cen­tral Bank of T&T, Guardian Me­dia sent five ques­tions to the spokesper­son for the Cen­tral Bank as well as a link to the no­tice on the Bank of Ja­maica web­site.

The ques­tions were:

1) Was the sus­pen­sion of the ex­change of T&T ban­knotes done at the re­quest of the Cen­tral Bank?

2) Was this done af­ter con­sul­ta­tion with the Cen­tral Bank?

3) Does the Cen­tral Bank know why this arrange­ment was sus­pend­ed by the BOJ?

4) When was this arrange­ment put in place?

5) Is there a sim­i­lar arrange­ment in place with any oth­er coun­try?

There was no re­sponse to those ques­tions by the news­pa­per's dead­line.

On its web­site, the Cen­tral Bank says its mis­sion is as fol­lows: "The Bank shall have as its pur­pose the pro­mo­tion of such mon­e­tary, cred­it and ex­change poli­cies as would fos­ter mon­e­tary and fi­nan­cial sta­bil­i­ty and pub­lic con­fi­dence and be favourable to the econ­o­my of Trinidad and To­ba­go."


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