BOJ targets $100 million in demonetised coins with GK partnership

Monday, July 16, 2018

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The Bank of Jamaica (BOJ) has named GraceKennedy Payment Services Ltd (GKPS) an agent in its national coin redemption drive, a move it hopes will help bring in the over $100 million in recently demonetised one, 10, and 25 cent coins that remain uncollected.

In a statement issued to the media on Friday, the central bank said over $800,000 in one cent coins are yet to be exchanged, in addition to $31.6 million in ten cent coins and $68 million in 25 cent coins.

The arrangement with GKPS takes effect next week Monday, July 23, and will continue for an initial period of one year, the bank said.

“Coins redeemed at Bank of Jamaica are always redeemed at full face value, while GKPS normally imposes an eight per cent service charge on coins redeemed through its machines. Thanks to this arrangement, however, GKPS will, for the duration of this agency arrangement, redeem coins at their coin machines at full face value with no charge [for] redeeming the coins; all related charges are being covered by BOJ,” the bank said.

The arrangement is expected to make it easier for people who live outside of Kingston to surrender their coins.

“There is also the added convenience that coins being redeemed at GKPS locations need not be pre-sorted,” BOJ said.

The central bank explained that the coin redemption arrangement applies to both legal tender coins in circulation which members of the public wish to exchange, as well as to the recently demonetised one, 10, and 25 cent coins.

“Although the recently demonetised coins are no longer legal tender, they still hold full face value on redemption,” BOJ said.

The current locations at which GKPS will collect coins under the arrangement are: Boulevard Super Centre, Pavillion Mall and Barbados Avenue in St Andrew; Sagicor Shopping Centre in St Catherine; Marville Pharmacy in Morant Bay, St Thomas; Heaven's Texaco in Mandeville, Manchester; DL Financial on Main Street, Santa Cruz, St Elizabeth; Church Street, Montego Bay, St James; and Main Street, Brown's Town, St Ann.

“The public is urged to bring in the demonetised coins for redemption,” the BOJ statement said.

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