Central Banks and Cash Round-Up

This month, our periodic series of articles covering cash information in central bank annual reports focuses on Jamaica, Malaysia, Maldives, and Namibia.

Bank of Jamaica (BoJ)

Currency in circulation: a major structural shift occurred in July 2025, when legacy cotton-based banknotes officially ceased to be legal tender, marking the full transition to modern polymer currency.

Specifically, the value of cotton banknotes in circulation declined by 48.2% to J$10.2 billion at end 2025, from J$19.7 billion at end 2024. Similarly, the volume of cotton banknotes in circulation declined by 13.8% to 70.5 million pieces at the end of 2025, from 81.8 million pieces at the end of 2024.

Consistent with this transition, polymer banknotes accounted for 96.8% (J$304.5 billion) of the value of all banknotes in circulation at end 2025, compared to 92.9% (J$259.2 billion) at end 2024. In terms of volume, polymer notes accounted for 76.8% of all banknotes in circulation at end 2025, compared to 71.9% at end 2024.