New Jamaican banknotes will cost the BOJ billions to print

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The new Jamaican tickets will cost Bank of Jamaica (BOJ) over a billion Jamaican dollars to print.

This was revealed by the BOJ in a recent press release. The island’s central bank said that over the past three years it had spent about US$7 million a year (more than J$1 billion) printing banknotes.

Although the bank said it could not disclose the exact cost of printing new bills, it noted that it would be significantly higher than current costs.

“For upgraded banknotes, the cost will initially be higher, given the significantly larger quantities to be ordered, because the redesigned banknotes will entirely replace current banknotes over time – the new substrate, the polymer that will be used; enhanced security features to combat counterfeiting; and new models for each denomination,” the BOJ said.

“However, the polymer substrate used will result in cost savings for the Bank over time, as the average life of banknotes will increase by at least 50%, allowing the Bank to order fewer banknotes and at a higher frequency. weaker in the future,” he added. they added.

In March, Finance Minister Dr Nigel Clarke unveiled a new range of banknotes for the country, which will go into circulation later this year.

He also announced that former Jamaican prime ministers Michael Manley and Edward Seaga will appear together on a new $2,000 note.

Former prime ministers Hugh Shearer and Donald Sangster will adorn the upgraded $5,000 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 banknote. National heroes Sam Sharpe and Nanny of the Maroons will share the upgraded $500 bill, and national heroes Paul Bogle and George William Gordon will appear together on the upgraded $50 bill. Jamaica’s first national hero, Marcus Garvey, will appear alone on the upgraded $100 bill.

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