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

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 on our cultural heritage.

I am, etc.,

J. Natalie Williams

bbzgreatest@hotmail.com