Jamaica’s Finance and Public Service Minister Dr. Nigel Clarke says the country’s new series of banknotes would be ready to be released to the general public by mid-June.
The update was provided on Tuesday as Clarke opened the 2023/2024 Budget Debate in the House of Representatives.
“The timeline for the issue of the new notes into circulation by the Bank of Jamaica (BOJ) requires the banks to complete the adaptation of their automated banking machines (ABMS) and other equipment,” Clarke said.
He said that the process is advancing at a steady pace.
“Following calibration of the ABMs, testing is scheduled for May 2023 with a view for implementation by mid-June 2023,” he said.
Clarke also said that the BOJ’s public relations campaign will be fully rolled out by end of March 2023.
The new 2,000-dollar note will bear the images of late former prime ministers Edward Seaga and Michael Manley.
Former prime ministers Hugh Shearer and Donald Sangster will grace the upgraded 5,000-dollar note.
At the same time, national heroes, founding fathers, and cousins Norman Manley and Sir Alexander Bustamante will be the highlight of the upgraded 1000-dollar banknote.
National heroes Sam Sharpe and Nanny of the Maroons will share the upgraded 500-dollar note, and national heroes Paul Bogle and George William Gordon will appear together on the upgraded 50-dollar note.
Jamaica’s first national hero, Marcus Garvey, will appear alone on the upgraded 100-dollar banknote.
The features of the new banknotes include:
- Latest in material technology to produce banknotes of greater durability;
- Greater durability reduces the frequency of replacement and, therefore, the whole-of-life cost of banknotes;
- New technologies allow for enhanced security features making counterfeiting extremely difficult, further reducing the whole-of-life cost of banknotes;
- New technologies allow for features that better meet the needs of the visually impaired;
- Clear color and other distinctions among and between banknotes of different denominations;
- Several banknote printers will be able to print Jamaican banknotes, thus increasing competition and providing better assurance of competitive pricing in the future.