Menu
Demerara Waves - Riding on the crest of truth
 

Listen Live

android
apple
blackberry
 
 

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.
back to top

Recent News

Prev Next Page:
Police, army instructed to get back weapons transferred to PNC; Granger asked to help

29 August, 2014

Police, army instructed to get back weapons transferred to P…

President Donald Ramotar says the security forces have been long instructed to g...

Prime Minister Hinds in minor boat accident, no one injured

29 August, 2014

Prime Minister Hinds in minor boat accident, no one injured

A boat carrying Prime Minister, Samuel Hinds up the Canje River, Berbice was Fri...

Bandits, guards in gun fight at Issano mining camp

29 August, 2014

Bandits, guards in gun fight at Issano mining camp

Security personnel and four armed bandits exchanged gunfire, leaving one of the ...

Convict found dead with stolen items

29 August, 2014

Convict found dead with stolen items

An armed robbery convict, who was recently released from prison, was found badly...

Updated Barama employee drowns during Cricket Day

29 August, 2014

Updated Barama employee drowns during Cricket Day

An employee of Barama Company Limited (BCL) drowned Friday during Barama Cricket...

Turkish Manager of  Princess Casino on assault charge

28 August, 2014

Turkish Manager of Princess Casino on assault charge

The Turkish-born Australian manager of Princess Hotel’s Casino has been charged ...

Body of woman that washed up on Kitty Foreshore identified; no foul play suspected

28 August, 2014

Body of woman that washed up on Kitty Foreshore identified; …

The body of the nude woman that washed up on the Kitty Foreshore, Georgetown Wed...

Police crackdown on Sophia-based robbers continues

28 August, 2014

Police crackdown on Sophia-based robbers continues

Police appear to be targeting bandits in Sophia who prey on persons on the lower...

CGX Energy announces Guyana High Court Order upholding injunction against REPSOL

28 August, 2014

CGX Energy announces Guyana High Court Order upholding injun…

TORONTO, Aug. 28, 2014 /CNW/ - CGX Energy Inc  announced Fri...

Stage set for reconstitution of four service commissions

27 August, 2014

Stage set for reconstitution of four service commissions

Consultations between President Donald Ramotar and Opposition Leader, David Gran...

Was Rohee taken off Guyana Chronicle's front page?

27 August, 2014

Was Rohee taken off Guyana Chronicle's front page?

The state-owned Guyana Chronicle has been directed to take People’s Progressive ...

Guyana's registration of military aircraft breaches International Civil Aviation Convention

27 August, 2014

Guyana's registration of military aircraft breaches Internat…

Guyana Defence Force (GDF) Chief-of-Staff, Brigadier Mark Phillips says the army...

Guyana prepares for minority government as a way of life

27 August, 2014

Guyana prepares for minority government as a way of life

The Guyana government and the governing People’s Progressive Party (PPP) appear ...

Guyana's international airports not meeting standards- Transport Minister

27 August, 2014

Guyana's international airports not meeting standards- Trans…

Transport Minister, Robeson Benn says Guyana’s airports do not meet minimum stan...

Veteran gold miner robbed of gun, cash

26 August, 2014

Veteran gold miner robbed of gun, cash

Gold miner Frederick Mc Wilfred was Monday night robbed of his gun and cash at k...

Sheriff’s sergeant helps send two ambulances to Guyana

26 August, 2014

Sheriff’s sergeant helps send two ambulances to Guyana

(LAKER/LUTZ NEWS).-Guyana Development Mission International, an international re...

"Conversations on Citizenship" begins this week

26 August, 2014

"Conversations on Citizenship" begins this week

The Janus Cultural Policy Initiative (JCPI) will be hosting Conversations on Cit...

Elderly man on bail for allegedly causing death of UG worker

26 August, 2014

Elderly man on bail for allegedly causing death of UG worker

An elderly man was Tuesday granted GUY$1 million bail after he denied causing th...

Vandalism, excavation cost GT&T US$3 million; section of G/town latest affected

26 August, 2014

Vandalism, excavation cost GT&T US$3 million; section of…

Even as Guyana Telephone and Telegraph Company (GT&T) technicians work fever...

Break and enter report made against Sooba's bodyguard

26 August, 2014

Break and enter report made against Sooba's bodyguard

Mayor Hamilton Green, and Deputy Mayor Patricia Chase-Green Tuesday afternoon re...

Second man charged with robbery-murder of businessman outside Botanical Gardens

26 August, 2014

Second man charged with robbery-murder of businessman outsid…

A small-scale gold miner was Tuesday arraigned for the murder of a businessman d...

Updated: Town Clerk Sooba gains entry to office; calls in national police

26 August, 2014

Updated: Town Clerk Sooba gains entry to office; calls in na…

Georgetown Town Clerk, Carol Sooba is back in her office after boards were pulle...

Miners disinterested in other metals, precious stones- GGMC official

25 August, 2014

Miners disinterested in other metals, precious stones- GGMC …

Guyanese gold and diamond miners are resisting getting into the mining of other ...

City Council's Public Relations Officer on forgery charge

25 August, 2014

City Council's Public Relations Officer on forgery charge

Public Relations Officer of the Georgetown Municipality, Royston King was Monday...

Motive for killing waitress unclear; face of perpetrator captured on video

25 August, 2014

Motive for killing waitress unclear; face of perpetrator cap…

Police were not immediately clear what was the motive behind Saturday’s night’s ...

CPL committee rubberstamps result of disputed final

24 August, 2014

CPL committee rubberstamps result of disputed final

(CRICINFO).-The Caribbean Premier League's (CPL) cricket tournament committee ha...

Updated: Suspected gunman dies; family disputes police account

24 August, 2014

Updated: Suspected gunman dies; family disputes police accou…

A suspect, who allegedly dropped a gun and ammunition after he was shot, died at...

Afro-Guyanese need business skills, constitutionally guaranteed political space- Nigel Hughes

24 August, 2014

Afro-Guyanese need business skills, constitutionally guarant…

Afro-Guyanese have over the decades become too dependent on the State for their ...

Recommended News Links

Recommended Radio Links

Other News and Opinion Wesbsites