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BOJ Governor Richard Byles
By Warren Bertram
Bank of Jamaica (BOJ) Governor Richard Byles says the new banknotes being introduced are more durable and will have a longer lifespan.
Mr. Byles says the longer lifespan will reduce how often the central bank has to order new notes, resulting in cost savings.
According to the BOJ, the current banknotes last an average of two years.
But the new notes will be printed on more durable base material, known as polymer substrate, which Mr. Byles said will result in "at least a 50 per cent longer average circulation lifespan" of the new notes.
In addition to reducing how often the new notes will have to be reordered, the BOJ governor said the durability will ensure reorder quantities are lower.
This, he explained, will lead to greater efficiency in the currency replacement operations of the Bank of Jamaica.
The new notes are in keeping with global standards of maintaining the integrity of the currency while protecting against the criminal tactics of fraudsters.
According to Mr. Byles, more "state-of-the-art" security features have been incorporated into the notes to prevent counterfeiting.
He said arrangements are also being made for the disposal of the polymer waste material without compromising the environment.
Mr. Byles was speaking at Thursday morning's press launch of the new banknotes.
The new notes are expected to be fully implemented by June 2023.
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