The cost of mailing a letter locally is due to an increase in the coming financial year, the Senate heard Monday.

Owen Darrell, the Senate Leader, told the Upper House during the Budget debate for the Cabinet office that the Bermuda Post Office had not increased postal rates since 2015.

He said rates have held steady even though “inflation and the cost of providing service locally and internationally continues to increase”.

“The Bermuda Post Office has not increased postage rates in the public interest – but a recommendation to raise postage rates will be made in this budget year to help offset post office operational deficits.”

He said the BPO would request a rise in local postage rates from 50 to 60 cents.

Mr Darrell added that the BPO planned to have three new stamps issued in 2023-24.

“Bermuda will be the first country in the Commonwealth to issue a high value King Charles III stamp,” he told senators – with the $35 express stamp commemorating the crowning of the monarch on May 6.

The other two stamps, themed “reflections” and “backyard birds”, will be issued in June and September respectively.

A stamp presentation packet featuring the new stamps will be offered from November.