The Bank of Jamaica (BOJ) earlier today (December 15) launched six denominations of new bank notes – namely $50, $100, $500, $1,000, $2,000 and $5,000 – all in separate and distinct colours.

This marked the second time since 1962, that Jamaica has changed its issued bank notes. Printed by world renown De la Rue, these new notes will have enhanced security features and are designed from a polymer substrate, to endure longer than their predecessor paper-based notes.

Addressing the press conference, Noel Greenland, executive director of communications at the BOJ, declared: “A country’s currency should give us confidence in two ways – it should be genuine and it should be difficult to counterfeit.

“A currency should also reflect the face and cultural heritage of our people. We are living in a world that is ever evolving digitally, but cash is still king.”

CASH AND JAMDEX EXPECTED TO CO-EXIST IN NEW PAYMENT SPACE

Senior Deputy Governor Dr Wayne Robinson added that he expects both cash and JamDex will co-exist in the payment space in the near to medium term. He is confident that the introduction of the family of new notes provides a cost-effective option to meet the demand from the Jamaican public.

It is heartening to see all Jamaica’s national heroes, its heroine as well as all deceased prime ministers honoured by incorporating their images on the new notes.

BOJ Governor Richard Byles gave a fulsome explanation of why this move was being made and the benefits to emanate from it.

“The Bank of Jamaica is pleased to announce the launch of Jamaica’s new series of bank notes. Jamaica’s bank notes are a true representation of our country’s rich history, culture, major economic activities, values and the best traditions and aspirations of its people.

“In this new series, we have sought to modernise and upgrade the banknotes by ensuring while they are representative, relevant and forward-looking, every Jamaican can be proud of the final product,” said Byles.

This upgrade is designed to achieve several objectives, notably enhancing the security features of the banknotes to prevent counterfeiting.

Here the Governor noted: “Counterfeiters are now using more sophisticated technology to threaten banknote security worldwide. In order to remain ahead of counterfeiters and more effectively mitigate and manage the risk associated with counterfeiting, the Bank of Jamaica has enhanced the integrity of Jamaica’s banknotes incorporating more state-of-the-art security features.”

The BOJ has taken greater consideration of the visually impaired and has in this regard added special features to aid them. These features include large numbering and tactile, or raised, printing that is easily recognised by touch and feel.

“The new banknotes include the use of more durable substrate material which utilises the features for visually impaired persons. This will result in a longer lifespan of the raised touch and feel features,” said Byles.

An special effort was made to ensure a clear distinction among all of the various denominations. There have been concerns among the public that the difference between the present $500 and $5,000 note is not easily distinguishable, particularly in low light conditions.

The governor elucidated here: “By giving banknotes distinctly different colours, the redesigning of the notes ensures that each denomination can be easily and clearly recognised as well as be distinguished from other banknotes.”

Of great importance with this initiative is improving efficiency and providing cost savings. The new notes (which will come into circulation between January and June of 2023), will be printed on polymer substrate or base material which is more durable than the base material of the current banknotes.

This should result in at least a 50 per cent longer average circulation lifespan of the new banknotes.

“Consequently, going forward, the banknotes reordering quantities will be lower and reordering will be done less frequently. This will lead to cost savings and greater efficiencies in the currency replacement operations of the BOJ,” explained Byles.