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Are the new banknotes really necessary?

Published:Saturday | November 26, 2022 | 12:05 AM


The redesigned Jamaican banknotes are a sight to behold, but their value remains relatively insignificant.

It was announced earlier this year that printing the new Jamaican banknotes would cost the Bank of Jamaica more than $1 billion. There are claims that the new substrate polymer used in the banknotes will provide better security features to thwart counterfeiting. However, knowing that other areas required immediate attention, was the upgrade necessary?

On November 22, Finance Minister Dr Nigel Clarke stated that the release of these new banknotes will be on December 5. We require money with significant value rather than brand-new, attractive banknotes. We are aware that our money has no intrinsic value, so why not work to create a currency that will aid in the development of our country and its citizens? The inflation rate is sky-rocketing by the minute. Was it a wise idea to upgrade and add new banknotes?

Once more, it appears that the nation’s priorities are out of order. Compared to more urgent problems like the substandard garbage collection rate and the damaged roads, this was something that didn’t require urgent attention. Additionally, some of the funds may have been used to enhance Jamaica’s healthcare, education, and security systems.


Northern Caribbean University