The Bank of Jamaica (BOJ) is not closing the door on making changes to its existing 40-year-old currency policy, which determines when new notes are issued and who adorns them.

Governor Derick Latibeaudiere, while defending the selection to honour late prime minister and trade unionist Hugh Shearer on the new $5,000 bill, said he was not averse to dialogue on whose image graces Jamaica's currency.

He put the ball squarely in the government's court, saying the push should emanate there.

"I think that the government could, in fact, initiate something like that. It would have to be a consensus where we look at these things," the BoJ chief said this week.

He is, however, cautioning against changing policies such as that governing the country's legal tender on the basis of public sentiment.

"These things are supposed to be for historical reasons, and the good thing about a policy, it ensures consistency over the years," Latibeaudiere told journalists at his quarterly briefing at the central bank on Wednesday.

The current policy, he said, adheres to approaches that have been taken by other countries.

According to information from the BoJ website, "When decimalisation of the island's currency took place in 1969, one of the recommendations which had been accepted, was that the portraits of national heroes and designs featuring our national symbols should appear on the currency."

The central bank says it is still guided by these criteria when selecting subjects for recommendation to the Minister of Finance, "but has widened the range to include deceased Jamaican nationals who have served as prime ministers."

Latibeaudiere has said that among former prime ministers, Shearer was next in line to be placed on a Jamaican bank note.

The new note, launched earlier this week, is to be introduced into the banking system in September.

"I can't unilaterally change a policy. It is something we would have to take into account if there is that discussion initiated," said Latibeaudiere.

"Hopefully, though, during my time we won't be introducing any more currency notes, so the policy that we are talking about would be for somebody else to deal with."

Outstanding jamaicans

He noted that other outstanding Jamaicans, such as reggae icon, Bob Marley, have been honoured by having their images minted on souvenir coins, which are on sale at the BoJ.

Souvenir coins featuring Jamaican Olympic gold medal winners, the BoJ has announced are to be introduced soon.

According the BoJ website, since the decimal currency was introduced in 1969, new denominations have been introduced or old ones recalled in 1974, 1978, 1986, 1988, 1990, 1994, 1995, 1999 and 2000.

huntley.medley@gleanerjm.com