Introduce $2,500 note
THE EDITOR, Sir:
I agree with the move by the Bank of Jamaica (BOJ) to take red coins out of our nation's currency. Following on that decisive step, I urge the BOJ to, seriously, consider introducing a $2,500 note.
When the $5,000 note was introduced, by the Golding administration, there was a wide gap left between the existing $1,000 note and 'the Shearer'. As a result, more often than not, both consumers and retailers opt for smaller notes from financial houses. Hypothetically, imagine a consumer handing a cashier a $5,000 note to pay for items that cost $500. In such a scenario, too much potential pressure would be put on that commercial entity to give up and/or find more than $4,000 in change, particularly if it's a small business.
There needs to be a bridge that narrows the gap between 'the Shearer' and 'the Michael' that will benefit us all
PATRICK A. GALLIMORE