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Friday, November 15, 2013
Guyana has introduced a GUY$5,000 (One Guyana dollar = US$0.01 cents) note that will go into circulation on December 9.
Bank of Guyana (BOG) Deputy Governor, Dr Gobin Ganga said that an awareness campaign would be launched before the note goes into circulation
The BOG said the new note would significantly reduce the number of notes that it would be required to process in the fast approaching holiday season.
Finance Minister Dr Ashni Singh, who unveiled the new note, said that it represents an important addition to the range of local currency in use and that businesses would be handling a single note for every five $1000 note.
"This really just represents a higher denomination; that is to say that our dollar has the same value today as it had yesterday except that now we will be holding one $5000 bill instead of five $1000 bills," he said.
"Over the years there has been significant growth in the economy, in the financial system, and in the level of economic activities transacted at the macro, national and individual levels' the issuance of this higher note is consistent with the growth and expansion we have seen in the financial system," the Finance Minister added.
Singh also issued a call for reduced use of cash in the local economy; especially since there are various forms of technology readily available to enable, particularly large businesses, to not have to handle large volumes of cash.
"Today's world is one in which it is not necessary for an individual to have large volumes of cash. We have a mature banking system that has considerable reach?today technology is used to deliver banking services?such as ATM networks, plastic cards, cheques and cheque books," he said.
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