BOJ Deputy Governor Assures Banks are Prepared for Holiday Season Cash Demands

Kingston, Jamaica – Deputy Governor of the Bank of Jamaica (BOJ), Jide Lewis, has assured the public that banks across the island are preparing to meet the expected increase in demand for cash during the upcoming Christmas holiday season.

Speaking at the BOJ’s Quarterly Monetary Policy Report Press Conference on Monday, Lewis acknowledged the seasonal uptick in currency demand, which traditionally peaks during the holiday period. “During Christmas time, the seasonal increase in demand for currency suggests that banks will need to stock up additional funds,” he said.

As part of the BOJ’s ongoing efforts to ensure a seamless banking experience for consumers, Lewis expressed confidence that most automated banking machines (ABMs) would be operational during the holiday season. He also highlighted that banks are required to meet certain minimum service standards for ABMs, which were introduced earlier this year to address longstanding concerns about machine downtime and cash availability.

Under the new standards, banks are mandated to ensure that at least 90 percent of their ABMs are functional at any given time, and that operational machines are available at least 95 percent of the time. Machines located in urban or resort areas must not be out of cash for more than 60 consecutive minutes, while those in rural areas should not be without cash for more than three hours.

While Lewis acknowledged that some banks have yet to fully meet these standards, he expressed optimism about improvements. “The standards won’t give you a world where at no time will an ABM be out of service, but they will provide a certain outcome on average,” he explained. “Currently, banks are operating at 94 percent, which is pretty good. We hope to see that increase to 96 percent.”

In terms of machine uptime, Lewis noted that while most ABMs are operational 89 to 90 percent of the time, there is still room for improvement. The standards require a minimum of 95 percent uptime for machines.

Regarding recovery times for out-of-service ABMs, Lewis shared positive developments, revealing that the average recovery time has been reduced from six hours to three hours. While recovery times in rural areas now meet the required three-hour limit, urban areas still face delays, with a target recovery time of one hour that has yet to be fully realized.

Despite these challenges, Lewis reassured consumers that they should not experience significant delays in accessing cash during the upcoming holiday period. “Given the current service standards, we expect that consumers will not face any major disruptions in accessing their funds,” he said.

Looking ahead, the BOJ is planning to implement a new regulatory regime for the financial sector in 2026, which will introduce penalties for banks that fail to meet ABM service standards. This is expected to further improve the availability and reliability of ABMs across the country.

As Jamaica prepares for the busy holiday season, the BOJ remains focused on ensuring that the banking sector meets the increased demand for cash, while also working to address long-standing issues of ABM accessibility and reliability.