Notice - Cessation of sale of Bulk Currency (2019-11-05)

Summary

This is a short public notice from the Bermuda Monetary Authority announcing a change to its policy on selling physical currency, effective immediately as of the notice date. It is informational rather than a rule imposing new compliance obligations on regulated financial institutions.

• No bulk sales to individuals: The Authority will no longer sell bulk circulation currency (more than one bundle of 100 banknotes, or bulk coin) to individuals.
• Coins still available prepackaged: Circulation coins remain available for sale only in prepackaged full denomination sets.
• No overseas shipping: The Authority will no longer ship circulation currency products to purchasers located overseas.
• Bank supply continues: The Authority will continue to issue circulation notes and coins, but only to Bermuda commercial banks.

The notice does not impose new filing, reporting, or licensing obligations on regulated entities; it simply changes how the public and commercial banks can obtain physical currency from the Authority.

Applies to

Bermuda commercial banks

Deadlines

• effective immediately (5 November 2019): Cessation of bulk currency sales to individuals and cessation of overseas shipping of circulation products takes effect immediately from the date of the notice.