BOJ clarifications on new banknotes

THE EDITOR, Madam:

The Bank of Jamaica welcomes The Gleaner’s coverage of the press conference held on Thursday, December 15, to announce the arrival and launch of Jamaica’s new series of banknotes, the second banknotes series launch in Jamaica’s 60 years as an independent nation.

Unfortunately, both the story published online on Thursday, December 15, and in the Financial Gleaner on Friday, December 16, contain inaccuracies, for which we are offering the following corrections:

(1) The planned consultations with various stakeholder groups, including focus groups involving market vendors and transport operators, are part of the public education programme for the introduction of the new banknotes and are not designed to “offset concerns of gentrification”, as stated in your online news story.

(2) Both stories state that “the full communication programme will go into high gear prior to the arrival of the notes for circulation”. The new banknotes have arrived in Jamaica and are in the vaults of Bank of Jamaica.

(3) Contrary to the assertion in your stories, the new banknotes do not have Braille on them, but rather, include raised printing of symbols and shapes, called tactile printing, which distinguishes each denomination for visually impaired persons.

(4) While your stories state that the new banknotes will enter into circulation in June 2023, the announcement made by Bank of Jamaica is that the banknotes will enter into circulation on a phased basis by June 2023 as commercial banks retrofit their automated teller machines (ATMs) and as stakeholders, including processors of cash such as Beryllium Limited, complete conversion of their cash-handling equipment to accommodate the new banknotes. It is possible that some banks may be issued with the new banknotes before June 2023 as the retrofitting of their ATMs is completed.

(5) On a point of clarification, your articles refer to De La Rue as “Jamaica’s supplier of notes since 1919”. De La Rue, which, in fact, has been supplying banknotes to Jamaica since 1919, is one of the suppliers of Jamaica’s banknotes. The process involves public tendering for banknotes printing service, and in the competitive procurement process contracts have also been awarded to other suppliers.

NATALIE HAYNES

Deputy Governor

Banking, Currency Operations

and Financial Markets

Infrastructure