BOJ books $4.66 billion loss as banks set 2028 cheque phase-out

The Bank of Jamaica recorded a net loss of $4.66 billion for the period January 1 to July 8, 2026, the central bank reported. The result was booked against total assets of $1.3 trillion, up from $1.2 trillion in July 2025.

Foreign assets rose 8.3 per cent to $1 trillion. The gain was driven mainly by a 14.9 per cent increase in time deposits and other cash resources, which reached $942.9 billion. Demand liabilities climbed 32.3 per cent to $82.9 billion.

The Jamaica Bankers Association said member institutions will stop issuing and accepting cheques by March 1, 2028. From March 1, 2027, the maximum value of a cheque that banks will issue or accept will be $500,000. Effective September 1, 2026, banks will no longer issue or accept cheques of $1 million or more. Customers holding cheques at that level have been urged to deposit them by August 31.

On the Jamaica Stock Exchange for the July 22, 2026 session, Trans Jamaica Highway Limited led activity with 6,247,622 units, or 24.18 per cent of market sales. Wigton Energy Limited traded 2,982,024 units (11.54 per cent), and Derrimon Trading Company Limited accounted for 2,843,453 units (11 per cent). Investor interest remained concentrated in transportation, finance and distribution stocks.

Bank of Jamaica data for the same date showed the United States dollar selling at $159.53 and buying at $157.74. The Canadian dollar sold for $113.17 and was bought at $111.62. The British pound sold for $213.37 and was bought at $211.70. The moves highlight currency timing for firms managing imports, debt service or overseas exposure.

Lenders typically review payment history, debt management and credit use before financing property, shaping approval odds, loan size and interest rates. Growth-focused entrepreneurs were also reminded that capital can come from sources beyond a bank loan, including retained earnings, margin facilities, permanent life-insurance cash values, customer deposits or pre-orders, supplier payment terms, invoice financing, crowdfunding and strategic partners—each with different trade-offs for cash flow and risk.