Taxi operators, market vendors to test new bank notes 

The Government plans to engage with frequent users of cash to test the new polymer plastic-based bank notes to offset concerns of 'gentrification'. 

“We have to look at the market vendors, the taxi operators and bus operators, anyone who uses cash on a large basis, we have to target those persons,” said Natalie Haynes, deputy governor at the Bank of Jamaica (BOJ) at a press conference today to launch Jamaica's new banknotes, in downtown Kingston.

“Initially we targeted the blind because they had a specific problem and that feature had to be printed on the bank notes and we had to sign off on that before De La Rue started printing.” 

The BOJ downplayed 'gentrification' concerns on whether the new notes can withstand the constant folds from bus conductors and crumpling from market vendors. 

“Gentrified? I have never heard bank notes being described as such. Actually, it is going to be an education process for the Jamaican people,” said Haynes.  

The new notes celebrate Jamaica's heroes and deceased prime ministers. It also includes a new $2,000 denomination.

The central bank said that the new notes should not negatively impact inflation. 

The polymer notes are smooth except for Braille to identify the denomination for the visually impaired.

The new banknotes will enter into circulation next year June and the BOJ intends to embark on a public education campaign to discourage folding and crumpling while highlighting its security features.

“For the polymer notes, we encourage persons – do not crush, do not fold, and do not put graffiti on the notes,” said Haynes. 

The polymer notes, when used properly, can last up to three years, compared to the two years for the current notes.

The BOJ typically spends $1.4 billion annually to buy new notes, and Haynes said that the central bank will not have to spend funds for next year's budget on bills.

“There is no provision for the printing of banknotes next year,” she said. “Just think of the savings that we will have by not printing next year.” 

Haynes admitted that the new notes are more expensive to make than the current ones, but did not go into details due to contractual obligations with De La Rue, the island's supplier of banknotes since around 1919. 

Haynes said that a full communication programme will go into “high gear” prior to the arrival of the notes for circulation.  

The Bank of Canada, on its website, tells its citizens to “avoid creasing, crumpling, folding or stapling” the polymer notes. It also suggests “flattening crumpled or creased notes by applying pressure to them or curling them in your hand”. 

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