As of today (August 26), the Bank of Jamaica (BOA) will no longer exchange Bermuda dollars as it “has been unable to repatriate this particular foreign currency”.
According to the statement released last week on the bank’s website: “This decision has been taken in a context where the Bank has been unable to repatriate this particular 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.
“The Bank views the exchange of foreign currencies as a public good, and after accepting the Bermuda Dollar at its banking counter in exchange for Jamaica dollars over the years, we regret any inconvenience caused by this decision.”
The statement concluded: “BOJ continues to accept all those currencies for which we publish a counter rate. A listing of these is available on our website.”