No shortage of coins or banknotes - BOJ

The Bank of Jamaica (BOJ) is reassuring the public that there is an ample supply of all coins and denominations within the financial system.

Speaking at the central bank's Quarterly Monetary Policy Report Press Conference on Monday, Deputy Governor with responsibility for Financial Markets and Payment Systems, Natalie Haynes, stated that, “there's no shortage of coins. We supply coins depending on what the commercial banks order from us. So, there's no shortage of coins.”

To address concerns about coin availability, the BOJ highlighted the importance of pre-ordering coins for businesses requiring large quantities.

“What I'm advised by the banks is that supermarkets or any other retail business that require large volumes of coins, need to pre-order those coins with their banks. Make an arrangement to say, 'I need X amount of $5.00 or $1.00 coins.' What most retail persons are doing is sending their bearers to the counters to get it, and that's not how it is to be done. They are to call the personal banking section and place the order, because they need large volumes,” Haynes emphasised.

Acknowledging customer feedback regarding the prevalence of $5,000 notes in Automated Banking Machines (ABMs),  Haynes said that “we have had complaints from the public regarding the large proliferation of $5,000 in the ABMs and I think this is part of a cash in transit issue in terms of not going so often to replenish the ABMs if you put high-value loads in.”

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She further clarified the distribution strategy for banknotes in ABMs, noting, “you probably won't see any $50 or $100 because, based on the number of trays in the ABMs, they will put the high-value notes.”

Regarding the availability of $2,000 notes in ABMs, Deputy Governor Haynes pointed out that “not all the ABMs have the $2,000 as yet. The banks are still working on that, but we are working with the banks and with Beryllium to say, do not put so many $5,000, because we are getting complaints and the more complaints we get, we will push that back to the banks and Beryllium, but there is no shortage of any denomination of banknotes.”

The Bank of Jamaica said it continues to work closely with financial institutions to ensure the smooth distribution of coins and banknotes across the system, emphasising the need for effective communication between retail establishments and banks to facilitate adequate coin supply.

- JIS News