#Kingston, June 18, 2023 – The quantity of paper-based banknotes now in circulation is expected to be gradually reduced over at least the next 12 to 24 months.

This, as the Bank of Jamaica (BOJ) undertakes phased disbursement of the new Polymer replacement versions.

BOJ Governor, Richard Byles, told JIS News that persons will be able to conduct transactions using the existing banknotes alongside the Polymer versions during the period.

“You will see both in circulation, and both will be legal tender. Nobody needs to worry that they will be caught with old notes. You can always bring those notes here [at the BOJ to be exchanged],” he informed.

Mr. Byles said while the BOJ only accommodates private persons in relation to exchanges, “because of the special nature of the notes [being introduced], we said [that] the public can come here too [to bring in the old notes] and get the new notes”.

He added, however, that “you can also take them to the [commercial] banks and get them exchanged.”

Meanwhile, Mr. Byles, advised that full withdrawal of the existing banknotes from circulation is “going to take a while.”

He said while the Bank has not set a specific date, “we’re going to let the [new] notes gradually go out into the system.”

“The old notes, when they come in… depending on what the quality of them is like… we’ll take them out of the system. However, there’s going to be a point in time when [after] the BOJ assesses that enough of the old notes have come in and enough of the new notes have gone out, that we can say ‘alright, everybody [who has] old notes, bring them in [within a specific period, and then] try and have a cut-off at that point,” the Governor indicated.

Meanwhile, the BOJ has issued over $11 billion worth of new banknotes, since the exercise commenced on June 6 with disbursements to deposit-taking institutions (DTIs).

The new Jamaican banknotes was officially released to the public on June 15.

Mr. Byles advised that up to mid-afternoon on Friday (June 16), the total stock of notes issued totalled $11.5 billion.  He said a breakdown for each denomination showed the $5000 note accounting for the highest disbursement of $4.7 billion, with the sum for the $1000 bill totalling $3.2 billion.

The equivalent value of the other disbursements were: $2000 – $1.7 billion; $500 – $1.5 billion; $100 – $250 million; and $50 – $75 million.

The new series of polymer Jamaican banknotes comprises upgraded $50, $100, $500, $1,000 and $5,000 notes, and the newly introduced $2,000 bill.

The $50 note features National Heroes, the Right Excellent Paul Bogle, and the Right Excellent George William Gordon, while Jamaica’s first National Hero, the Right Excellent Marcus Mosiah Garvey, appears on the $100 bill.

National Heroes, the Right Excellent Samuel Sharpe and Nanny of the Maroons, grace the $500 note, while National Heroes the Right Excellent Sir Alexander Bustamante, post-Independent Jamaica’s first Prime Minister, and the Right Excellent Norman Washington Manley, are featured on the $1,000 denomination.

Two former Prime Ministers, the Most Hon. Edward Seaga, and the Most Hon. Michael Manley, are highlighted on the $2,000 bill.

Another two former Prime Ministers, the Most Hon. Sir Donald Sangster and the Most Hon. Hugh Shearer, appear on the $5,000 note.  This marks the second time in Jamaica’s history that a new series of banknotes is being introduced and comes 54 years after the country got its own currency in 1969.

The Polymer substrate is being used to print Jamaican banknotes because of the material’s durability, compared to the paper format, which is expected substantially lower associated costs.

Contact: Douglas McIntosh

Release: JIS

Providenciales, Turks and Caicos Islands, June 11st, 2023 – On Monday, May 15th, 2023, Invest Turks and Caicos’ Business Support Unit launched; its pilot, one-year partnership with Udemy Business to provide comprehensive e-learning training to entrepreneurs and business owners across the Turks and Caicos Islands.

Launched in 2009, Udemy is one of the world’s leading e-learning providers. Its course catalogue is vast and varied, and the company boasts that 80% of Fortune 100 companies trust it for employee upskilling, including Apple, Unicef, PayPal, Accenture, Samsung and Unilever. It offers quality, controlled online courses on its platform. It has 57 million registered users, 74 thousand instructors, and offers over 213,000 courses. Udemy is an all-around provider, offering courses in professional and personal development.

The e-learning platform delivers a tailored virtual learning experience, with three hundred courses designed to address the skill gap challenges faced by many entrepreneurs. The platform offers hard skills training on core business courses such as Business Planning, Marketing, Financial Management, Project Management and Entrepreneurship. Additionally, the training includes soft skills training, such as Leadership, Customer Service, Emotional Intelligence, Communication and Negotiation.

MSME Programme recipients will be required to participate in the training as part of the recent amendments made by Cabinet to the programme in January 2023. Businesses that are clients of the newly formed Business Support Unit can also register to participate in the free, comprehensive e-learning platform.

Commenting on the partnership, CEO of Invest Turks and Caicos, Angela Musgrove, stated, “Invest Turks and Caicos is continuously working to expand its support to the small business community, to facilitate capacity building of our entrepreneurs and exploit the growth potential of our small businesses.  Having online access to a training platform, accessible at their convenience, provides another opportunity for small business owners to reach the standard of excellence we know they are capable of.”

Director of the Business Support Unit, Anissa Adderley, highlighted, “We are delighted to partner with Udemy Business to deliver this comprehensive e-learning ecosystem to businesses in the TCI. We have spent considerable time researching to find the best e-learning provider; suitable to address the needs of our entrepreneurs and business owners. We are confident that businesses who actively engage in the training will sharpen their skills and gain the knowledge needed to manage their enterprises better. Our goal is to educate, empower and inspire entrepreneurs and businesses to maximize their potential and create resilient, sustainable enterprises that will accelerate economic growth.”

Businesses are invited to contact the Business Support Unit at (649) 338-4787 or via bsu@investturksandcaicos.tc to register for the virtual training.

Rashaed Esson

Staff Writer

June 5, 2023 – Member States of the World Health Organization (WHO) approved the WHO Programme budget 2024-2025, which includes a 20% increase in assessed contributions.  This now takes WHO’s global budget to $6,834.2 million of which the Americas will receive  $313.7 million, a 1.2 percent  increase from 2022-2023.

This will better facilitate the equal distribution of funds for the Americas as expressed by Dr. Jarbas Barbosa Pan American Health Organization (PAHO) Director.

“The Americas remains the most unequal region of the world, yet WHO covers a relatively small portion of PAHO’s operational costs,” he said.

He further added that ensuring equitable distribution of WHO funds is pivotal in meeting  the urgent health needs of Latin America and the Caribbean.

The decision was made on Monday May 22, 2023, at the World Health Assembly in Geneva, Switzerland, lasting from May 21st to 30th, and came as PAHO Member States highlighted that the Americas needs increased financing and since less than three quarters of the approved budget for the Americas has been funded historically.

Barbosa continued to emphasize that “Sufficient and sustainable financing for the Region is key to addressing the health inequities that have been exacerbated by the COVID-19 pandemic.”

Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, pointed out that this marks to first time in the organization’s 75 year history, that a significant increase in assessed contributions has been made, and he expressed gratitude to the Member States for having confidence and trust in WHO, maintaining that the increase is symbolic of and reiterates his commitment to enhancing transparency, accountability and efficiency.

Additionally, the budgetary increase for the financial period will also aid WHO in supporting countries of the Americas in reaching the Sustainable Development Goals and the Organization’s Thirteenth General Programme of Work (GPW13) “triple billion” targets:

• One billion more people benefiting from universal health coverage,
• One billion more people better protected from health emergencies,
• One billion more people enjoying better health and well-being.