Banks are assuring customers that new charges levied on US-dollar accountholders are related to higher costs associated with transporting and shipping the currency overseas.

The President of the Jamaica Bankers Association, Mr. Nigel Holness reiterated: “‘this is’ not a revenue generating activity for the bank. Institutions have limits based on insurance coverage and risk limits, and so this restricts the amount of cash a bank may be allowed to hold in its vaults at any given point. Therefore, the physical notes of foreign countries … go back to the country of origin, and in that process a cost is incurred”.