BOJ rebukes banks for missteps in polymer note handling
THE Bank of Jamaica (BOJ) has issued a stern rebuke to commercial banks for incorrectly calibrating their automated banking machines (ABMs) to recognise the “Jamaica 60” logo on polymer banknotes.
The BOJ clarified that the logo, introduced to commemorate Jamaica’s 60th Independence anniversary, is not a security feature and that ABMs should not have been programmed to read it in the first place.
In a statement released on January 10, the BOJ dismissed claims of plans to redesign the polymer notes, emphasising that the removal of the logo does not constitute a redesign. The central bank explained that it has merely initiated consultations with commercial banks to assess their readiness for the eventual removal of the commemorative insignia.
The central bank rejected assertions by some banks that recalibrating ABMs to accommodate notes without the logo would be costly and disruptive. National Commercial Bank Jamaica (NCBJ) had estimated recalibration costs of up to $100 million and suggested that the process could take up to 10 months. However, the BOJ pointed out that a similar transition occurred seamlessly in 2012 when notes commemorating Jamaica’s 50th Independence anniversary were reverted to standard designs.
“As was the case in 2012, the Jamaica 60 logo is not a security feature of the current series of banknotes, and this was communicated to the commercial banks in official communication including in technical working group meetings and sensitisation sessions, prior to the introduction of the new notes into circulation on 15 June 2023,” the BOJ said in a release Friday.
“In this regard, ABMs and processing machines ought not to have been calibrated to identify the Jamaica 60 logo as a security feature,” it said, in chiding the banks.
The BOJ also assured stakeholders that sufficient quantities of banknotes are in stock to meet demand during any future transition. The central bank reiterated that no timeline has been set for issuing notes without the Jamaica 60 logo and assured stakeholders that further consultations will guide any decisions.
