'Strictly confidential' - Contract bars disclosure of cost to upgrade banknotes, BOJ says

The Bank of Jamaica (BOJ) says it cannot tell taxpayers how much money has been spent on the upgrading of banknotes because the contract with the supplier is subject to a "strict confidentiality agreement".

However, the BOJ did not explain why it negotiated a contract that shields the information from the public. 

The BOJ issued a statement today in response to The Gleaner's report on its denial of a request by this newspaper under the Access to Information Act for details of the contract.

“We are not able to disclose such information as the terms and conditions of the contract with De La Rue, which include the cost, are subject to a strict confidentiality agreement,” the BOJ said, confirming the name of the company.

“In fact, personnel engaged in the procurement process were required to sign non-disclosure agreements prohibiting them from disclosing the settled payment term,” it said.

De La Rue is a 201-year-old British company considered a global leader in designing and producing notes.

The central bank explained that publishing the contract details would expose it to legal action for a breach of contract.

It said the Access to Information Act exempts the disclosure of information relating to the terms of the contract as to do so would be an actionable breach of confidence.

The BOJ did not specify the aspect of the law it was using to block access to the documents.

De La Rue's selection, the bank said, was the result of a “rigorous procurement process”, with the final recommendation coming from the finance minister as stipulated by the BOJ Act.

“The procurement process is consistent with the Government's procurement guidelines,” it added.

There were six bidders in total but because of confidential reasons, the bank said it cannot reveal their names.

The cost of printing banknotes over the last three years (2019 – 2021) was approximately US$7 million (J$1.1 billion) per annum, the bank said.

However, the new banknotes will be more expensive because of new features such as enhanced security to prevent counterfeit and the use of a polymer base which is expected to increase the life of the notes by 50 per cent. 

The roll-out of the upgraded banknotes is expected to coincide with Jamaica's 60th Independence celebration.

Finance Minister, Dr Nigel Clarke, told Parliament during his Budget Debate presentation in March, that the BOJ would be upgrading current notes to feature all national heroes and deceased prime ministers.

The existing five banknotes feature only two of seven national heroes and three of four deceased prime ministers.

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