JAMAICA LAUNCHES NEW BANKNOTES

 

For only the second time since Independence, Jamaica has introduced a new series of banknotes, which are set to be released on a phased basis in 2023.

The Bank of Jamaica (BOJ) on Thursday, December 15, launched the revamped series developed on polymer substrate, which the central bank says is more durable, resulting in cost savings and a longer-lasting product. BOJ officials said that the purpose of the launch was to show the notes as being ready.

Printed by banknote printers De La Rue, the new notes are JMD 50 (US $0.33), JMD 100 (US $0.65), JMD 500 (US $3.26), JMD 1,000 (US $6.51) and JMD 5,000 (US $32.57) plus a sixth, the JMD 2,000 (US $13.03), which was introduced. The 2,000 note is being introduced in order to make it easier for the settlement of cash transactions.

Deputy Governor Natalie Haynes said at the launch that new security features were more on the higher value notes, noting as well that because the new polymer notes were more durable, the bank no longer expected to order new notes printed every year.

BOJ Governor Richard Byles said, The notes will enter circulation on a phased basis in 2023, with it being otherwise noted that distribution is set for the period January to June.

A De La Rue representative present at the launch stated that moving to polymer significantly reduces counterfeits. Haynes, in response to queries, declined to disclose further security features, stating that these will be part of a public education campaign to come.

Byles said that the new issue also addressed the confusion addressed by users about the 500 and the 5,000 banknotes not being easily distinguishable from each other. The redesign, he stated, addresses this, as well as improving efficiency and providing cost savings.

Officials at the launch noted that notwithstanding use of digital currency Jam-Dex, cash remains important. According to the central bank, as of November 16, there were 252 million pieces of notes in circulation in Jamaica with a total value of JMD 198.3 billion (US $1.29 billion). Of that, the majority JMD 161.75 billion (US $1.05 billion) is in the hands of the public, while JMD 43.2 billion (US $281 million) is held in banks.

The BOJ indicates that an equivalent amount of new series is available to replace the current series. Note, however, that the current series of banknotes will remain legal tender until Bank of Jamaica makes a decision regarding demonetisation of the same.

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New currency launched with improved security features (https://www.thedailyherald.sx/regional/new-currency-launched-with-improved-security-features)

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