( L - R ) Smith, Louis, Seivwright

The rejection of the new $5,000 note seems more widespread than originally thought as some supermarkets in the Second City, Montego Bay, and Falmouth are also rejecting the new note, investigations by The Gleaner has revealed.

Montego Bay Chamber of Commerce President, Lloyd B. Smith, in the meantime, has described the introduction of the $5,000 note as a culture shock that is going to take some time for the Jamaican public to get used to.

Smith also questioned the rationale behind the introduction of the new note at this time.

"Given the current economic situation, I don't know if it was the best of time to be introducing such a large note," he said.

"The reaction to the new ($5,000) note is similar to what is happening in other parishes - there is a lukewarm response. A lot of supermarkets do have a problem with it; I guess it boils down to the whole matter of how soon you can find change. It does create all kinds of problems and will take a while for it to be accepted. And taxi operators have a revulsion for it, they are not very happy with it," Smith said.

New note rejected

His comments follow revelation that there is some amount of rejection of the new note by some small- business operators who see the notes as potential inhibitors to the operation of their businesses, especially as it relates to finding change.

The general public is also sceptical about the new note, as persons are fearful that business places will not accept them if tendered.

The situation in the neighbouring parish of Trelawny is similar. Supermarkets in Falmouth are said to be refusing the new bill.

"The supermarkets are reluctant to take it ($5,000 note) as finding change is a problem," said the parish's chamber of commerce president, Dennis Seivwright.

Seivwright argued that the $5,000 note would be good for people who have large pay bills, such as in the construction industry. But even then, there will be problems, he said.

"The problem begins, for example, if you get $20,000 for your pay (all in $5,000 bills) and you have to go to the supermarket," Seivwright explained.

Meanwhile, president of the St Ann Chamber of Commerce, Horace Wildes, in responding to news that some small-business operators in Ocho Rios have been rejecting the $5,000 note, said there are positives and negatives to the introduction of the new note.

No change

"The Government will save in terms of printing costs, even though I don't know to what extent and if in fact savings are significant. In terms of small businesses, its use could be a problem and they could in fact lose out if they are unable to find change."

He too, like Smith, questioned the rationale behind its introduction at this time, stating:

"Some persons feel that the introduction of the $5,000 is a sign of the weakening economy and some are cautious, thinking that the Government is having a problem and that is why they have printed that bill. The question, though, is what is it that really prompted them (the Government) to do it."

But Wildes also cautioned consumers that with the new note, they will have to exercise more discipline when spending, as impulsive buyers could end up blowing huge sums if they carry around $5,000 bills.

Jamaica Chamber of Commerce President Milton Samuda was unavailable for comment but president of the Manchester Chamber of Commerce, Winston Lawson, told The Gleaner: "I can't say it's (rejection) not happening but it hasn't reached us."

Meanwhile, Jamaica Manufacturers Association (JMA) President, Omar Azan, said there had been no reaction from manufacturers. He said that there should not be an issue with the note as it is legal tender.

He urged business operators to be prepared to accept the new notes by having adequate change available.