What's the rationale for the $5,000 note?

The Editor, Sir:

What would you do if I handed you $10 million? Many Jamaicans would love to have even half that amount as it would provide so many opportunities for them and their families. But how much is $10 million worth when the cost of a loaf of bread is $300 billion? This is the case in Zimbabwe, where rising inflation rates force citizens of that once-prosperous nation to travel with trillions of dollars simply to purchase basic commodities.

When the Bank of Jamaica (BOJ) introduced the $5,000 note in September 2009, the general speculation was that our economy was collapsing, much the same way like Zimbabwe's. Since then, I have waited patiently for signs of this. I am by no means claiming that Jamaica has a booming economy and that things are all chipper, but are things really as appalling as speculated when the $5,000 note was first introduced? I think not.

Strengthening dollar

In fact, at the close of last week, the BOJ announced that for the June-ending quarter, the Jamaican dollar strengthened by 4.1 per cent, its sharpest quarterly appreciation since 1996. BOJ revenues for the period have also surpassed expectations.

BOJ Governor Brian Wynter also confirmed that inflation fell to 2.6 per cent, a number significantly lower than what obtained for the past five quarters, with further reductions expected for the coming periods.

Amid these positive trends for the economy, I am only left with one question: what exactly was the rationale behind this $5,000 note?

Was it implemented as a safety net to ensure that if the economy did collapse, the currency would already be there? Well, if Jamaica will soon become a country of billionaires who cannot afford bread, I would sure like to know. BOJ, please inform, as I have yet to see how this note has benefited the nation.

I am, etc.,

ROHAN WRIGHT

rkw3000@yahoo.com

Mandeville

Manchester