5000 bill
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BOJ Governor Derick Latibeaudiere yesterday sought to make the case for why, technically, the new note
was needed.
"Internationally, the highest-value denomination should account for no more than 60 per cent of the total
value of the notes in circulation," Latibeaudiere explained.
Blessings of the note
As of March 31, Jamaica's highest-value banknote ($1,000) accounted for 76.65 per cent of the total
value of notes in circulation. It was on the basis of Jamaica exceeding this standard that the decision was
made to introduce the new note.
One of the blessings of the note is that it will apparently be saving the country some 6 million every three
years, as printing one $5,000 note will be cheaper than printing five $1,000 notes. All the current
banknotes, including the $1,000 bill, will remain in circulation.
In his speech, Latibeaudiere also explained why the image of late Prime Minister Hugh Lawson Shearer
was chosen to be placed on the note.
"Part of the policy underlying the development of Jamaica's currency is that the coins and banknotes bear
the images of our National Heroes and our deceased prime ministers. The Right Honourable Hugh
Lawson Shearer is next in line," Latibeaudiere stated.
Shearer's widow, Dr Denise Eldemire-Shearer, while expressing her elation, said she hoped placing her
husband's image on the note would reintroduce him to young Jamaicans.
The new $5,000 note is scheduled to be released in September.
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http://www.jamaica-gleaner.com/gleaner/20090519/lead/lead2.html
Jamaica welcomes the Shearer - New $5,000 note named after the
late PMPublished: Friday | May 15, 2009
Jamaica's central bank will issue a $5,000 bill on Monday, a move more likely driven by a wish to
celebrate the life of the late Prime Minister, Hugh Shearer - whose image will be on the currency -
rather than an immediate demand for a bigger note to store value.
The Bank of Jamaica (BOJ) announced its plan yesterday, without giving a rationale for the launch of the
new note, the first since the $1,000 bill was issued eight years ago.
"The governor (Derick Lati-beaudiere) will explain it all on Monday," a central bank spokesperson told The
Gleaner yesterday.
Normally, central banks feel compelled to issue higher value notes when their economies are wracked by
inflation and it requires more and more to make purchases.
Not the case
That is not the case in Jamaica where inflation last year was around 17 per cent and is projected to reach14 per cent in 2009.Significantly, Monday's launch of the $5,000 note will be on the 86th anniversary of
the birth of Shearer, who died in 2004. Perhaps more widely hailed as a labour leader, including his
presidency of the Bustamante Industrial Trade Union where he succeeded its founder, Shearer also had
success and respect as a politician.
A member of the Jamaica Labour Party (JLP), he served as the island's prime minister from 1967 to 1972
and was deputy prime minister and minister of foreign affairs in Edward Seaga's administration of the
1980s. Shearer also had a diplomatic stint as Jamaica's deputy chief of mission.
Latibeaudiere will make a presentation of a specially packaged proof of the note to Shearer's widow, the
specialist in geriatrics medicine, Dr Denise Eldemire-Shearer, at an afternoon function at the BOJ's
headquarters in downtown Kingston.
It will become more widely available in September, the BOJ said.
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issue:Why a $5,000 note?Published: Saturday | May 16, 2009
The Editor, Sir:
A $5,000 bill; are you kidding me? That was what I thought when I heard about yet another of the
Government's incredible plans. Against the background of the stifling economic situation and the fact that
having just left college I'm just putting my foot in the water, I couldn't bear to lose $5,000 much more all in
one bill. Certainly, it may be beneficial for some persons who carry around wads of cash as a $5,000 note
would decrease the bulkiness, yet I still see the negatives of having it.
This new announcement has me pondering whether this is another political move by the Government.
After all, governments of this country are known for using every opportunity to gain political mileage, the
consequences of which are divisions along party lines and an inclination to corruption.
Moreover, the Government has indicated that the face on the bill is to be that of Hugh Shearer, a past
prime minister from the Jamaica Labour Party. A very slippery slope if you ask me. When were we
consulted and such a decision made?
Certainly there are more pressing issues facing us right now than the issuing of a new bill. The
Government needs to be investing in those areas it continues to indicate are areas of priority such as
education and health. Enough of the idle chatter!
It is sad that in a time such as this, when our level of literacy leaves much to be desired and our economic
system is battling the tide of the global recession, the leadership of this country believes this is something
we should undertake at this time. This is not to say I would prefer it at some other time.
I wait to see which country they are going to use as an example to indicate that this move is one we
should undertake now. How I wish they would stop copying other countries when implementing social
policies. Comparisons are no consolation.
I am, etc.,
TEISHA-ANN PINNOCK
Montego Bay P.O. # 2
St James
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http://www.jamaica-gleaner.com/gleaner/20090516/cleisure/cleisure4.html
New $5,000 note could be inflationary
Published: Wednesday | May 20, 2009
THE EDITOR, Sir:
I have heard a number of debates surrounding the issuance of the new $5,000 note, but I am yet to hear
any stimulating discussions on what such a note could mean for us Jamaicans if the Bank of Jamaica
(BOJ) does not monitor the situation effectively.
The BOJ's website explains that: "The conduct of monetary policy is aimed at regulating the growth of
money ..." This means that they are primarily responsible in ensuring that the money in circulation
remains constant. Against this backdrop, will BOJ be reducing some of the money currently in circulation?
And if so, which notes will be affected?
Economy in a tail spin
Jamaica's economy, like most other economies, is in a tailspin and the last thing we need is to have
inflation increase at a rapid pace. Adding the new note to the money now in circulation will no doubt be
inflationary.
Now, the discussions surrounding the use of cultural icons on our notes are quite interesting and begs the
question: Is there some amount of politics being played?
BOJ's public relations department head, Tony Morrison, said that only images of national heroes and
dead prime ministers can be used on our notes.
This, therefore, means that Noel N. Nethersole - finance minister between 1955 and 1959 in the People's
National Party - who was used on our $20 note must have slipped through the cracks.
Cultural icons
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How ironic, the new note being issued carries the image of the late Hugh Lawson Shearer - former prime
minister between 1967 and 1972 in the Jamaica Labour Party. The note is now being introduced under
the governing Jamaica Labour Party. Hugh Shearer has served this country well, but I am certain there
are several cultural icons who are endeared in the hearts of Jamaicans worldwide. If their images are
used the note will not just be recognised for its monetary value, but it will also show the value we place onour cultural heritage.
I am, etc.,
J. Natalie Williams