KINGSTON, Jamaica, CMC – Upgrading of Jamaica’s banknotes will be implemented by mid-June, says Minister of Finance and the Public Service Dr. Nigel Clarke.
He said the suite of notes would include a new $2,000 denomination.
Dr. Clarke told the House of Representatives that the upgraded notes have the latest material technology for more excellent durability, which reduces the frequency of replacement and the whole-of-life cost of the dollar bills, adding that they have features that better meet the needs of the visually impaired.
“With this upgrade, unlike what obtains now for certain denominations, several banknote printers will be able to print Jamaican banknotes, thus increasing competition and providing better assurance of competitive pricing in the future,” he explained.
The Finance Minister said a Bank of Jamaica (BOJ) technical study “demonstrated the need” for a $2,000 note to enable more efficient commercial transactions settled in cash, and the printer of the banknotes has completed manufacturing the entire stock of the new polymer series, adding that they are ready to be issued.
He said the BOJ has developed and “partially rolled out” a public relations campaign to provide detailed information, pointing out that the exercise will be in place by the end of March.
Two former Prime Ministers, Michael Manley and Edward Seaga are highlighted on the $2,000 bill.
Former Prime Ministers Hugh Shearer and Sir Donald Sangster are featured on the upgraded $5,000 note.
Dr. Clarke said he is elated that Jamaica’s first National Hero, the Right Excellent Marcus Mosiah Garvey is on the $100 banknote.
The $500 note will include National Heroes, the Right Excellent Sam Sharpe, and Nanny of the Maroons. In contrast, National Heroes the Right Excellent Norman Manley, and Sir Alexander Bustamante, post-Independent Jamaica’s first Prime Minister, will be featured on the $1,000 note.
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