BOJ disagrees with concerns new polymer banknotes too similar

By Nakinskie Robinson    

 

The Bank of Jamaica (BOJ) says it does not share the view that there are similarities among the polymer banknotes, despite calls from the public for the colour scheme on some to be revisited.

 

The $50 note, which is red and the $5,000 note, which has a burnt orange tint, are of major concern.

 

Concerns have also been raised about the $100 note and the $1,000 note - which are green and blue, respectively.

 

The banknotes became legal tender in June 2023.

 

Deputy Governor of Financial Markets and Payments Systems, Natalie Haynes, said she was not aware of the purported challenges with the notes. 

 

"I didn't realise that there was a similarity because what we tried to do when we introduced this new series is to look on the colour wheel that is possible for banknotes and try and get a distinction among all the six banknotes. Maybe in dim light conditions people first look at the colour, that's why we sought to distinguish the colour, but at the end you look on the value on the note as well as know your banknote, know your subjects on the banknote," she suggested during the BOJ's quarterly press briefing on Tuesday.

 

Since they were introduced, there have been reports of mix ups during monetary transactions, especially in lowlight.

 

The polymer notes now account for 87 per cent of those in circulation.  

 

BOJ Governor Richard Byles added that there are other countries, such as the United States, whose notes are all predominantly the same colour. 

 

Mr. Byles was also speaking during the BOJ's quarterly press briefing on Tuesday.