GK Money Services collecting 'red money'

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GK Money Services collecting 'red money'

Wednesday, June 19, 2019

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KINGSTON, Jamaica — GraceKennedy (GK) Money Services has launched a coin drive in order to collect as much of the more than J$100 million worth of one, 10 and 25 cent or 'red money', which were demonetised in February last year.

The coins can all be redeemed at face value at any Grace Kennedy (GK) Money Services location with no service charge.

GK made the announcement in an advertisement, noting that a significant portion of all this money is actually “lost in circulation”.

The company noted that citizens can also go directly to the Bank of Jamaica (BoJ), or utilise convenient coin sorting and counting machines at 11 select GK Money Services locations islandwide.

The BoJ, in announcing the move to demonetise the coins in 2017, cited decreasing demand and high production costs as the principal reasons for its decision.

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