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:
Wife kills husband

21 July, 2014

Wife kills husband

A Guyana Water Incorporated (GWI) employee has been stabbed to death and his pre...

Updated: Suspect in stabbing death of gays commits suicide

20 July, 2014

Updated: Suspect in stabbing death of gays commits suicide

The two gays, who were stabbed to death early Sunday morning, were not the inten...

Gays stabbed to death; Juan Edghill's utterance blamed

20 July, 2014

Gays stabbed to death; Juan Edghill's utterance blamed

Two gays were stabbed to death early Sunday morning in Georgetown- incidents tha...

Police, GRA bicker over non-submission of statements in shoot-out with smuggler

19 July, 2014

Police, GRA bicker over non-submission of statements in shoo…

A suspected smuggler, who allegedly opened fire on a number of customs officers ...

Opposition must deal with consequences of no-confidence vote- Ramotar

18 July, 2014

Opposition must deal with consequences of no-confidence vote…

President Donald Ramotar on Friday said his administration was ready for early g...

Promenade Gardens teen robber jailed

18 July, 2014

Promenade Gardens teen robber jailed

A teenager was Friday convicted for robbing a couple in the Promenade Gardens an...

AFC tells Ramotar time-up, ready for no-confidence

18 July, 2014

AFC tells Ramotar time-up, ready for no-confidence

The smaller opposition Alliance For Change (AFC) has told President Donald Ramot...

Fly Jamaica hit by resignations, flight delays

18 July, 2014

Fly Jamaica hit by resignations, flight delays

(JAMAICA OBSERVER).-A number of flight delays have rocked Fly Jamaica Airways Li...

Two seriously hurt in early morning accident

18 July, 2014

Two seriously hurt in early morning accident

Two females were seriously injured early Friday morning when the car in which th...

Guyanese police want to question boat captain about alleged piracy

17 July, 2014

Guyanese police want to question boat captain about alleged …

In the wake of the discovery of the body of one the fishermen after what is beli...

Police probing gun attack on GRA officers

17 July, 2014

Police probing gun attack on GRA officers

The Guyana Police Force is currently investigating an armed attack on four offic...

Colwyn Harding bailed on alleged robbery with violence charge

17 July, 2014

Colwyn Harding bailed on alleged robbery with violence charg…

Colwyn Harding, who has sued the State for more than GUY$80 million for alleged ...

Essequibo rice miller gets cash to pay paddy farmers

16 July, 2014

Essequibo rice miller gets cash to pay paddy farmers

Rice farmers on the Essequibo Coast on Wednesday began receiving outstanding pay...

Two dead, several injured in Linden Highway accident

16 July, 2014

Two dead, several injured in Linden Highway accident

Two persons were killed Wednesday evening when a minibus ran off the Soesdyke-Li...

Guyanese scouts to participate in Caribbean Jamboree

16 July, 2014

Guyanese scouts to participate in Caribbean Jamboree

A contingent of 42 Guyanese scouts is due to participate in the 15th Caribbean S...

Lethem gold miner charged with narco-trafficking

16 July, 2014

Lethem gold miner charged with narco-trafficking

A gold miner of Nappie, Lethem was Wednesday refused bail on a charge of being i...

Home Ministry backs down from six-month birth certificate-for-passport rule

16 July, 2014

Home Ministry backs down from six-month birth certificate-fo…

In the wake of a public outcry, the Home Affairs Ministry on Wednesday backed do...

Counterfeit flour found in Linden

16 July, 2014

Counterfeit flour found in Linden

The National Milling Company (NAMILCO) has found a shopkeeper in the mining town...

Alleged embezzler on bail

16 July, 2014

Alleged embezzler on bail

A man, who allegedly embezzled GUY$1.58 million from his employer in the interio...

Juan Edghill denies hate speech against homosexuals

16 July, 2014

Juan Edghill denies hate speech against homosexuals

Junior Finance Minister, Bishop Juan Edghill on Wednesday denied that he uttered...

Guyanese wins Kazakhstan International Journalism Competition

16 July, 2014

Guyanese wins Kazakhstan International Journalism Competitio…

ASTANA TIMES – Kazakhstan’s Ministry of Foreign Affairs, in conjunction with the...

Fire Juan Edghill over gay hate speech- SASOD

15 July, 2014

Fire Juan Edghill over gay hate speech- SASOD

A Guyanese gay rights group on Tuesday called on government to sack Junior Finan...

Local Govt Elections: GECOM Chairman discards concerns by PPP Commissioners

14 July, 2014

Local Govt Elections: GECOM Chairman discards concerns by PP…

Chairman of the Guyana Elections Commission, Dr. Steve Surujbally on Monday debu...

Guyana hosts U.S. Military Cadets to foster cultural understanding

14 July, 2014

Guyana hosts U.S. Military Cadets to foster cultural underst…

For the second year in a row, Guyana will host the Cultural Understanding and La...

CBSI Supports Third International Port Security Training Program

14 July, 2014

CBSI Supports Third International Port Security Training Pro…

In a cooperative effort between the United States and Guyana to improve global m...

Venezuela's aggression a setback to some offshore oil exploration

14 July, 2014

Venezuela's aggression a setback to some offshore oil explor…

Guyana’s Minister of Natural Resources, Robert Persaud on Monday said offshore e...

Bandit shot dead outside auto spare parts store

14 July, 2014

Bandit shot dead outside auto spare parts store

A bandit was shot dead and a handgun recovered during an armed robbery at an aut...

"Rising Star" Contestant Lisa Punch saved by West Coast Vote

13 July, 2014

"Rising Star" Contestant Lisa Punch saved by West …

Given the option to save one "Rising Star" contestant this week, the west coast ...

Recommended News Links

Recommended Radio Links

Other News and Opinion Wesbsites