Lights out on the Lumi, BOJ warns against using Maroon Money

LBC NEWS
Read Time1 Minute, 26 Seconds

The Bank of Jamaica, BOJ, is this afternoon advising persons not to engage in any transactions involving the Central Solar Reserve Bank of Accompong or use its currency called the Lumi.

Maroon money, the Lumi

The Bank’s advisory comes as the saga relating to the Lumi and the Central Reserve Solar Bank deepens.

The so-called Bank in the Maroon village in St. Elizabeth was established by its Governor, Timothy McPherson and its Colonel, Fearon Williams.

Chief McPherson told Nationwide’s Patria-Kaye Aarons recently that their currency, the Lumi has been in circulation.

He says it’s being used by some local shops at a discounted exchange rate of JMD$1,000 to 1-Lumi. However he says the true value of the currency is JMD$1,200 to 1-Lumi.

Chief McPherson has also told Nationwide News the BOJ has no jurisdiction over their banking operations.

Timothy McPherson, Governor of the Central Solar Reserve Bank of Accompong speaking recently with Nationwide’s Patria-Kaye Aarons.

However, the BOJ issued an advisory yesterday saying that the entity is not licensed under the  Banking Services Act to take deposits or to carry out banking business in Jamaica.

It says the Public is being advised that the entity or body referring to itself as the Central Solar Reserve Bank of Accompong is not authorised by the BOJ to include the word “bank” in its name.

The public is further advised that under the Bank of Jamaica Act only the BOJ has the right and authority to issue currency notes and coins.

It says currency notes and coins purported to be issued by any person or body other than the Bank of Jamaica is not legal tender of the island of Jamaica.

Staff Reporter

news@lbcnewsjm.com

0 0

About Post Author

0 %
Happy
0 %
Sad
0 %
Excited
0 %
Angry
0 %
Surprise

Leave a Reply

Next Post

PNP divisions deepen as Bunting grumbles over shadow cabinet appointments

The divisions in the Opposition Peoples National Party (PNP) coming out of the recent presidential challenge is depeening as defeated Challenger Peter Bunting is bemoaning the composition of the Peter Phillips led Shadow cabinet. Mr. Bunting Says he is very disappointed that talented persons who support him has been left […]
%d bloggers like this: