Friday, May 15, 2009

$5,000 Bank Note

The $1,000 bill just lost its position as the “high note” in Jamaica. The Bank of Jamaica (BOJ) has announced plans to issue a $5,000 bank note in September. The note will bear the portrait of late former Prime Minister Hugh Lawson Shearer. Is the new note justified? Is there any other reason for the new note besides commemorating the life of the late prime minister? That can easily be achieved by naming a school, park or a highway after him. Generally the premise for a higher note is because the current one has lost its purchasing power and no longer carries the same value. Yet local financial analysts insist that the new note isn’t an indication that our economy is headed in the same direction of other countries with very high inflation rates and equally high-value notes. The highest denomination of currency for other Caribbean territories like Trinidad, Barbados and Cuba is $100. The Jamaican government has just announced to the world that our economy is on life support. What message are we sending to the global financial community and potential investors? No point in objecting now, it’s already a done deal they’ve already made the stencil, ordered the ink and paper. Now if they would just do us all a favor and discontinue some of these damn coins.

See article here


Emanicipated? said...

What's funnier is that just yesterday Minister Whebby said that printing more money wouldn't be the best thing for JA...and then WHAM!!! Pass mi a Shearer Deh.... Confused Country Going Nowhere Fast

Gussie said...

This note is definitely commemorative and has very little or nothing to do with the best interest of the nation. It won’t be available until September but it is to be launched five months earlier on Monday May 18th, which is Shearer’s birthday. The PNP put their late president Michael Manley on the $1,000 bill in 2000, I guess it’s the JLP’s turn.

Stunner said...

I start packing my bag now, this is a sign fi lef!

As Gussie rightly said, printing a $5000 note is a clear signal that our economy is worsening and that we are limping to utter poverty. I will be posting more of my thoughts on this latest DUMB move by the Jamaican Government.

Anonymous said...

Soon there will be a 10,000 dallaz bill.. yeeeepeeee.. The country is fast flying behind Zimbabwe eh!!! Country going South or going Down.. you can decide me sey!!

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