Firm given approval to feature Bahamian currency on its flip flops
In the wake of The Central Bank of the Bahamas (CBOB) issuing a warning to businesses not to use images of Bahamian banknotes without the permission of the bank, one local company posted its approval letter from the Central Bank to ensure its customers that its merchandise is good to go.
Vida Cayo is a beachwear company that features Bahamian currency on its flip flops. The company posted its approval letter on its Facebook page after CBOB made its announcement.
CBOB warned last week that the use of printed images of Bahamian banknotes or coins in any form is illegal and doing so may result in fines, imprisonment or both.
In a press release, the Central Bank said it has been made aware of several instances of clothing products being sold bearing the images of Bahamian currency and pointed to Section 11(2) of the Central Bank of The Bahamas Act, 2000 which prohibits the practice. Yesterday an ad published by the Central Bank appeared in the daily newspapers.
Vida Cayo’s letter, dated April 2016, explains: “We (Central Bank) acknowledge receipt of your letter dated March 21, 2016 requesting permission to use images of Bahamian currency in the design of slippers which are meant for retail sale.
“In this regard, we wish to advise that the attached images are indeed in compliance with the Bank’s criteria for use of banknote images. As such, we hereby authorize your client, Mr. Michael A. Sands, to use the above referenced images as described above and displayed in your attachments.
“The bank appreciates Mr. Sands’ interest in Bahamian currency and wishes him every success with his endeavor.”
The Central Bank act states that “No person other than the Central Bank shall issue notes or coins or any documents or tokens having the appearance of notes or coins.”
Another company that frequently utilizes images of Bahamian currency is BAHARI Bahamas. An email was sent to the company for comment yesterday, but a reply was not received up to press time.
The Central Bank explained that in exceptional cases the use of currency images is considered.
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