Caribbean News
JAMAICA: New Banknotes Unveiled
#Kingston, December 16, 2022 – Jamaica’s new banknotes have arrived and are slated for phased release into circulation in 2023.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, unveiled the printed polymer notes during a press conference at the Bank of Jamaica (BOJ) on Thursday (December 15).
“These notes are quite different from the notes that exist today. They feel different, they have different features, and in order for them to be in circulation the Bank of Jamaica has to work with the existing commercial banks to ensure that the [automated teller machines] ATMs can be reprogrammed to efficiently handle these notes,” Dr. Clarke outlined.
The overall currency circulation process could take up to six months, with an estimated June 2023 completion timeline.
The new series, which was announced by the Minister during the 2022/23 Budget Debate in the House of Representatives in March, includes the introduction of a $2,000 bill and a redesign of the entire suite of notes.
Dr. Clarke highlighted that they maintain the decades-old policy of reflecting Jamaica’s culture and history, “and particularly, on one side of the banknotes, any face that appears is the face of a National Hero or deceased Prime Minister”.
As such, all five late former Prime Ministers of Jamaica and the seven National Heroes are reflected on the six notes.
Dr. Clarke further pointed out that the notes are less susceptible to counterfeiting and are more user-friendly for persons who are visually impaired.
Central Bank Governor, Richard Byles, emphasised that in order to remain ahead of counterfeiters and more effectively mitigate and manage the risks associated with counterfeiting, “the BOJ has enhanced the integrity of Jamaica’s banknotes by incorporating more state-of-the-art security features in the new series of notes”.
He said the newly unveiled currencies will address public concerns that the existing $500 and $5,000 notes are not easily distinguishable, especially in low-light conditions.
“By giving each bank note distinctly different colors, the redesign of the notes ensures that each denomination can be easily and clearly recognised and distinguished from other bank notes,” Mr. Byles explained.
He reiterated that the new notes, which will be printed on polymer substrate, are expected to last at least 50 per cent longer than their predecessors, which have a lifespan of about two years.
Consequently, the BOJ says its banknote reorder quantities will be lower, as replacements will be done less frequently.
This is expected to result in cost savings and greater efficiency in the Central Bank’s currency replacement operations.
Arrangements are also being made for the disposal of the polymer waste material without compromising the environment, the BOJ said.
This is the second time in Jamaica’s history that a series of banknotes is being launched.
The banknotes were printed by British firm De La Rue, the world’s largest integrated commercial banknote printer, which Dr. Clarke thanked for the “quick job… to turn this around”.
Contact: Mickella Anderson
Release: JIS
KINGSTON, April 29 (JIS):
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda, says the outcome of discussions arising from the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) will assist in guiding the Government’s planning for climate change.
This, he points out, is important for climate mitigation as well as building Jamaica’s resilience.
“We look forward to the discussions that will, no doubt, take place. We look forward to the basis of planning for the Government to streamline its investments to ensure you have the tools that you need to better advise us, that the WRA (Water Resources Authority) has the tools to digitise its monitoring network, and that all of the agencies that touch our planning mechanisms have the tools. But we need to know what we are facing, and we’re guided by your expertise,” Minister Samuda said.
He was addressing the opening ceremony for the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) at the Courtyard by Marriott Hotel in New Kingston on Monday (April 29).
Senator Samuda said given the fact that the climate has changed and continues to do so, investments in and collaborations on building Jamaica’s predictive and scientific capacity must be prioritised.
“Ultimately, we need to be able to assess our current climatic realities if we are to better plan, if we’re to insist and ensure that our infrastructure meets the needs that we need it to. I’m very happy that this event is happening… because this is a critical issue.
“Jamaica, last year, faced its worst and most severe drought… and this year, we’re already seeing the impacts of not quite as severe a drought but, certainly, a drought with severe impacts, especially in the western part of the country,” he said.
Principal Director, Meteorological Service of Jamaica, Evan Thompson, explained that the forum aims to, among other things, establish a collaboration platform for climate services providers and users to understand risks and opportunities of past, present and future climate developments, as well as improve inter-agency coordination of policies, plans and programmes.
Among the other presenters were Ambassador, European Union to Jamaica, Her Excellency Marianne Van Steen; Chief Scientist/Climatologist, Caribbean Institute for Meteorology and Hydrology, Adrian Trotman; and Head, Regional Climate Prediction Services, World Meteorological Organization, Wilfran Moufouma-Okia.
The Meteorological Service of Jamaica hosted the Jamaica National Stakeholder Consultation on Climate Services and the 1st National Climate Forum (NCF-1) in partnership with the Caribbean Institute for Meteorology and Hydrology and the World Meteorological Organization.
The National Stakeholder Consultation is a governance mechanism that guides how different sectors or actors work together to create products that contribute to adaptation and resilience-building. It seeks to create a road map for the development and implementation of climate services to inform decision-making.
NCF-1 aims to bridge the gap between climate providers and users. It increases the use of science-based information in decision-making and operations with the aim of generating and delivering co-produced and co-designed products and services.
CONTACT: CHRIS PATTERSON
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