Caribbean News
JAMAICA: Gradual Reduction Anticipated for Paper-Based Banknotes in Circulation
#Kingston, June 18, 2023 – The quantity of paper-based banknotes now in circulation is expected to be gradually reduced over at least the next 12 to 24 months.
This, as the Bank of Jamaica (BOJ) undertakes phased disbursement of the new Polymer replacement versions.
BOJ Governor, Richard Byles, told JIS News that persons will be able to conduct transactions using the existing banknotes alongside the Polymer versions during the period.
“You will see both in circulation, and both will be legal tender. Nobody needs to worry that they will be caught with old notes. You can always bring those notes here [at the BOJ to be exchanged],” he informed.
Mr. Byles said while the BOJ only accommodates private persons in relation to exchanges, “because of the special nature of the notes [being introduced], we said [that] the public can come here too [to bring in the old notes] and get the new notes”.
He added, however, that “you can also take them to the [commercial] banks and get them exchanged.”
Meanwhile, Mr. Byles, advised that full withdrawal of the existing banknotes from circulation is “going to take a while.”
He said while the Bank has not set a specific date, “we’re going to let the [new] notes gradually go out into the system.”
“The old notes, when they come in… depending on what the quality of them is like… we’ll take them out of the
system. However, there’s going to be a point in time when [after] the BOJ assesses that enough of the old notes have come in and enough of the new notes have gone out, that we can say ‘alright, everybody [who has] old notes, bring them in [within a specific period, and then] try and have a cut-off at that point,” the Governor indicated.
Meanwhile, the BOJ has issued over $11 billion worth of new banknotes, since the exercise commenced on June 6 with disbursements to deposit-taking institutions (DTIs).
The new Jamaican banknotes was officially released to the public on June 15.
Mr. Byles advised that up to mid-afternoon on Friday (June 16), the total stock of notes issued totalled $11.5 billion. He said a breakdown for each denomination showed the $5000 note accounting for the highest disbursement of $4.7 billion, with the sum for the $1000 bill totalling $3.2 billion.
The equivalent value of the other disbursements were: $2000 – $1.7 billion; $500 – $1.5 billion; $100 – $250 million; and $50 – $75 million.
The new series of polymer Jamaican banknotes comprises upgraded $50, $100, $500, $1,000 and $5,000 notes, and the newly introduced $2,000 bill.
The $50 note features National Heroes, the Right Excellent Paul Bogle, and the Right Excellent George William Gordon, while Jamaica’s first National Hero, the Right Excellent Marcus Mosiah Garvey, appears on the $100 bill.
National Heroes, the Right Excellent Samuel Sharpe and Nanny of the Maroons, grace the $500 note, while National Heroes the Right Excellent Sir Alexander Bustamante, post-Independent Jamaica’s first Prime Minister, and the Right Excellent Norman Washington Manley, are featured on the $1,000 denomination.
Two former Prime Ministers, the Most Hon. Edward Seaga, and the Most Hon. Michael Manley, are highlighted on the $2,000 bill.
Another two former Prime Ministers, the Most Hon. Sir Donald Sangster and the Most Hon. Hugh Shearer, appear on the $5,000 note. This marks the second time in Jamaica’s history that a new series of banknotes is being introduced and comes 54 years after the country got its own currency in 1969.
The Polymer substrate is being used to print Jamaican banknotes because of the material’s durability, compared to the paper format, which is expected substantially lower associated costs.
Contact: Douglas McIntosh
Release: JIS
Rashaed Esson
Staff Writer
May 2, 2024 – The Latin America and Caribbean region is projected to see slower economic growth for 2024, according to the International Monetary Fund (IMF) in a report published on April 19.
Growth, the organization says, is expected to slow to 2 percent down from 2.3 percent compared to 2023 and this is due to weaker external environments, specifically the trade side, as well as the effects of strict policies put in place to tame inflation, which are still in the process of solidifying. 
This may come across as bad news but Rodrigo Valdes, Director Western Hemisphere Department IMF Moderator, in a video press briefing assured that it isn’t.
“We see risk around this baseline projection as broadly balanced. This is not, as we saw this in the past, this is good news, and this reflects basically more balanced global risks,” he maintained.
Considering all of this, Valdes expressed that the region has shown great resilience over the past few years since the pandemic rebound, which he says has been “stronger than expected.”
Valdes spoke to labor markets being in good standing as well as unemployment which remains at historical Lows.
In continuation, he says inflation is receding throughout the region and is expected to contour to fall for the rest of the year. Rodrigo Valdes further expressed this is thanks to timely action by regional central banks and of the global disinflation trends.
“Risks to inflation have also become more balanced than in the past although it’s still [tilde] to be more persistent or higher than these expectations that it’s going down,” he added.
KINGSTON, April 24 (JIS):
Prime Minister, the Most Hon. Andrew Holness, has declared Jamaica a science, technology, engineering and mathematics (STEM) island with a vision of fostering innovation, driving economic growth, and empowering citizens to thrive in the global knowledge economy.
“Through our collaborative all-hands-on-deck approach, Government, private sector, academia and civil society, we will work towards this goal. Jamaica is now officially declared a STEM island,” he said.
Prime Minister Holness was addressing the Future Ready International Conference held at the University of Technology (UTech) in Kingston on April 24.
As a STEM island, he said that the Government will seek to implement comprehensive education reforms from the primary to the tertiary levels, with the objective of developing a skilled workforce, capable of competing in global markets.
He said that ecosystems will be developed to encourage startups, entrepreneurs, and innovators in the STEM disciplines to drive industry and economic growth, as well as to address social issues.
“We will encourage the growth of STEM industries such as biotechnology, information technology and advanced manufacturing. We will also leverage STEM to grow and monetise the musical, artistic, cultural and other natural talents of our people. We will leverage STEM solutions to address environmental challenges including climate change, renewable energy and sustainable agriculture,” the Prime Minister said.
“We will position Jamaica as a hub for STEM research, innovation, collaboration and other developments in the Caribbean and beyond,” he added.
The Prime Minister said that by embracing STEM as a national priority, Jamaica will unlock its full potential driving prosperity, peace and productivity in a sustainable, equitable way for all our Jamaican citizens and, indeed, the world,” Holness said.
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