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Guyana gets $5,000 bill

Guyana gets $5,000 bill
The Bank of Guyana (BOG) on Friday (15.11.13) launched its new denomination of the $5000 note. The circulation of same is scheduled to begin on December 9 2013.

Speaking at the launch, Deputy Governor Gobin Ganga stated that the time between the launch and the issue will be used to familiarize the public with the security features for the note. This, he said, will be done by means of advertisements; posters, presentations, television and newspaper ads.

The introduction of the $5,000 notes, Ganga said, will reduce the number of notes printed during the Christmas Season, as well as reduce the bank's cost of printing by "several hundred million dollars over a period of time".
When asked by demwaves.com on why there is a need to print higher denomination notes if inflation and devaluation have not impacted on the Real Value (as opposed to the Nominal value of the existing currency notes), Ganga stated that "..it is not inflation or exchange rate".

The Deputy Governor also stated that the BOG will "eventually withdraw the five and one dollar coins from circulation, but noted that they have no immediate plans.

The new note bears about seven distinct identifiable features; the spark- colour of the value shifts from magenta to green when tilted; the watermark, bearing a macaw when held up to light; the see through feature which shows the 5,000 value when held up to light; the latent image which again displays the 5000 value when at a certain angle; the holographic stripe where the image of the jaguar can be seen; the dual track thread, which has optically variable and metallic print properties; and the blind mark which is put in place for the visually impaired and partially sighted. The signatures on the note are those of the BOG's Governor Lawrence Williams and Finance Minister Ashni Singh.

The latter, during the launch, stated that the issuance of the $5000 denomination will serve as a means of reducing handling costs borne by businesses and everyday consumers. Singh stressed on the need for the Central Bank and other licensed financial offices to "reflect on a more concerted program on ways in which we can encourage the migration of the use of cash in today's society".
He also brought to remembrance the last time the now second highest denomination note ($1,000) was introduced in 2006, while noting that there has been significant economical growth from then until now.

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0 #20 lilstar 2013-11-19 08:28
the country gone from bad to worse ( shame)
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0 #19 Louis George 2013-11-18 19:43
$5,000.00 bill
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+2 #18 Artrix Designs 2013-11-16 23:19
Quoting narwaz ali:
lovely noo more 20 dollars to loose

you will soon pay 5000 to travel with minibus
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+1 #17 smally 2013-11-16 14:56
ok, if you introducing the new five thousand dollar bill, that means u have to make two and three thousand dollar bills too. now ya have to hope and pray ya aint loss that money, because that wouldnt be like loosing just a thousand dollars
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+2 #16 Gt 2013-11-16 13:28
Peter Sam 2013-11-16 01:02
Lies, its the beginning of the end. When u have a 5 thousand dollar note it means inflation is deep up ur a$$ what u expect from a country where 78 percent of the economy is service oriented. Every day its a new shopping mall not one manufacturing business that's ready for export. U think a country with barely 700 thousand people can sustain that? We will soon have a 10 thousand dollar bill and a tin of milk will be paid for with that bill. Mark my words.
you have say it all.
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+1 #15 Fedup G/T 2013-11-16 11:40
Quoting abassie ingleasis:
I'm excited the that the government has come up with to reduce the burden of carrying large sums of money oround town . It also might help reduce the amount of orchestrated robberys.but I think the real reason the impleamented this new note , cause the value of our currency is low .

Idiot, why did you not use your last sentence at the top of your text?
There is nothing to be excited about here , the dam money is loosing its value. Remember one Time back we uses to laugh at Brazil money? Now Brazil can do the same to us. Thanks to the glorious PPP
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0 #14 Frank -The real- 2013-11-16 11:16
No more long queues at the tellers, yeah! Up to 150k directly of the ATM, yeah! The highest euro note is equivalent to 135k, so the 5k note is nothing to worry about. It will only speed up business.
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+1 #13 dacia 2013-11-16 11:15
wow
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+2 #12 Jason 2013-11-16 09:13
It's clear that this article was composed by someone from a different dimension altogether. The inflation rate in Guyana is getting higher and new denominations in our currency ( in this case) indicates what we already know. We need to start increasing our exports, produce more and cut bareduce our imports. It's that simple.
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+1 #11 nichole 2013-11-16 08:19
This is a clear indication that inflation and loss of value of the dollar is imminent. Any first year economics student will tell u that. The minister theory about growth is nothing more that crap. A higher note with the same value as a $1000.00. All it will do is help the drug barons to push more money around easily. I there is indeed growth y not introduce a system forcing banks and citizens to go plastic. It will certainly be a form of security and ppl don't have to worry about taking around large sums of money. This govt just cant stop telling the citizens lies and more lies. Time will soon end though.
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+2 #10 guy anonymous 2013-11-16 08:00
Quoting abassie ingleasis:
I'm excited the that the government has come up with to reduce the burden of carrying large sums of money around town . It also might help reduce the amount of orchestrated robbery's.but I think the real reason the implemented this new note , cause the value of our currency is low .

i agree it is low but but to reduce carrying sum of money no way checks ABM or ATM cards that was easier i hate my government stop lying to the people
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+3 #9 abassie ingleasis 2013-11-16 07:38
I'm excited the that the government has come up with to reduce the burden of carrying large sums of money oround town . It also might help reduce the amount of orchestrated robberys.but I think the real reason the impleamented this new note , cause the value of our currency is low .
Quote
 
 
+28 #8 Peter Sam 2013-11-16 01:02
Lies, its the beginning of the end. When u have a 5 thousand dollar note it means inflation is deep up ur a$$ what u expect from a country where 78 percent of the economy is service oriented. Every day its a new shopping mall not one manufacturing business that's ready for export. U think a country with barely 700 thousand people can sustain that? We will soon have a 10 thousand dollar bill and a tin of milk will be paid for with that bill. Mark my words.
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-18 #7 NITTI GRITTI 2013-11-16 00:41
Although there needs to be less cash circulating, its a good idea, i can walk with $50,000 in my pocket without a bulge
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+25 #6 magnet 2013-11-15 22:55
This is to show that the value of our money is decreasing, the 5000 bill will be just like the 500 and the 1000 dollar bill
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+21 #5 fete 2013-11-15 22:49
who u think u fooling. Economically speaking, higher denomination indicates inflation or devaluation, nothing else.
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+16 #4 PPPHorseman 2013-11-15 22:12
moe money, more quantity but the value remain the same,,,gt like Zimbabwe,,this is juss a ploy to help te drug barrons launder their millions easily
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+21 #3 John 2013-11-15 20:53
Guyana going down the drain
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+25 #2 Critical Thinker 2013-11-15 19:59
Big money no value.
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-23 #1 narwaz ali 2013-11-15 19:54
lovely noo more 20 dollars to loose
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