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:
No cover-up of GDF involvement in Walter Rodney's death- Chief-of-Staff

19 August, 2014

No cover-up of GDF involvement in Walter Rodney's death- Chi…

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

China's army, GDF sign grant agreement without political strings

19 August, 2014

China's army, GDF sign grant agreement without political str…

China’s People’s Liberation Army (PLA) on Tuesday agreed to provide U$4.8 millio...

GUYSUCO gets new Board

18 August, 2014

GUYSUCO gets new Board

Minister of Agriculture Dr. Leslie Ramsammy has announced that Shaik Baksh,...

GFC praises poorly paid forest rangers; refutes reports about Bai Shan Lin

18 August, 2014

GFC praises poorly paid forest rangers; refutes reports abou…

The Guyana Forestry Commission (GFC) on Monday said its lowly-paid forest ranger...

Updated: Two suspects arrested in connection with shooting death of businessman near Botanical Gardens

18 August, 2014

Updated: Two suspects arrested in connection with shooting d…

Two men were arrested and a motorcycle seized as police intensified their invest...

10-year old boy drowns in North West District waterway

18 August, 2014

10-year old boy drowns in North West District waterway

A 10-year old student of Hosororo Primary School on Sunday died by drowning at t...

Harmon takes up Forestry Commissioner's challenge for debate on Bai Shan Lin

17 August, 2014

Harmon takes up Forestry Commissioner's challenge for debate…

Opposition lawmaker, Joseph Harmon has taken up a challenge by the Commissioner ...

Amazon Warriors contesting outcome of CPL final

17 August, 2014

Amazon Warriors contesting outcome of CPL final

The Management of the Guyana Amazon Warriors Team has decided to contest the out...

Unscheduled /charter flight operators falsely advertising as scheduled services- GCAA Chairman

17 August, 2014

Unscheduled /charter flight operators falsely advertising as…

The Chairman of the Guyana Civil Aviation Authority (GCAA), Hugh Denbow Sunday n...

Several injured in Port Kaituma collision

17 August, 2014

Several injured in Port Kaituma collision

Several persons were Sunday morning injured in a collision between a bus and a c...

Three more in Guyana crash landing to sue Caribbean Airlines

17 August, 2014

Three more in Guyana crash landing to sue Caribbean Airlines

(TRINIDAD GUARDIAN).-An attempt by Caribbean Airlines Limited to prevent three m...

Political leaders address GDF Senior Officers

16 August, 2014

Political leaders address GDF Senior Officers

Leaders of  Guyana’s two major political parties have so far briefed partic...

Blue CAPS launches Albouystown Youth Leadership Programme

16 August, 2014

Blue CAPS launches Albouystown Youth Leadership Programme

Social change organisation, Blue CAPS, has launched its second Youth Leadership ...

Guyana clinches five-year rice deal with Panama

16 August, 2014

Guyana clinches five-year rice deal with Panama

Panama has agreed to buy rice from Guyana during the next five years, with a tot...

GDF Instructors allegedly assault Officer Cadet

16 August, 2014

GDF Instructors allegedly assault Officer Cadet

The Guyana Defence Force (GDF) on Saturday announced that it has launched an inv...

Ebola not reason for Nigerian refused entry

16 August, 2014

Ebola not reason for Nigerian refused entry

The management of the Cheddi Jagan International Airport (CJIA) is refuting clai...

Guyana to sell rice to Panama

15 August, 2014

Guyana to sell rice to Panama

Guyana is preparing to sell rice to Panama, amid lingering uncertainty about the...

UG's Student Loans will be available before new academic year starts

15 August, 2014

UG's Student Loans will be available before new academic yea…

In the face of a warning that the University of Guyana (UG) would have to shut d...

DEA to assist Guyana in probing discovery of cocaine-smuggling sub- Pres. Ramotar

15 August, 2014

DEA to assist Guyana in probing discovery of cocaine-smuggli…

Agents of the United States (US) Drug Enforcement Administration (DEA) are expec...

Speaker says No Confidence Motion in order; Ramotar plays election card close

15 August, 2014

Speaker says No Confidence Motion in order; Ramotar plays el…

House Speaker, Raphael Trotman has given the green-light for the opposition-spon...

Manufacture of cocaine-smuggling sub appeared well-organised

15 August, 2014

Manufacture of cocaine-smuggling sub appeared well-organised

Guyanese soldiers and agents of the Customs Anti Narcotics Unit (CANU) believe t...

Updated: Cocaine-smuggling submarine built in Guyana signals big drug groups shifting operations here

14 August, 2014

Updated: Cocaine-smuggling submarine built in Guyana signals…

Guyanese law enforcement authorities believe that a cocaine-smuggling submarine ...

Search continues for missing crew- authorities

14 August, 2014

Search continues for missing crew- authorities

Rescuers intensified a search Thursday for the two men who remained missing afte...

Threatening behaviour charge against alleged shooter at PNCR's Congress dismissed

14 August, 2014

Threatening behaviour charge against alleged shooter at PNCR…

A threatening behavior charge against the man, who was accused of firing a singl...

PPP must produce evidence of registration irregularities- GECOM Chairman

14 August, 2014

PPP must produce evidence of registration irregularities- GE…

Chairman of the Guyana Elections Commission (GECOM), Dr. Steve Surujbally on Thu...

Seamen probably trapped in capsized Surinamese tanker; two survivors being transported for medical attention

14 August, 2014

Seamen probably trapped in capsized Surinamese tanker; two s…

The two seamen, who were aboard the now capsized Surinamese-owned Motor Tanker S...

Man charged with murder of woman who presented bouquet to Britain's Queen Elizabeth II

14 August, 2014

Man charged with murder of woman who presented bouquet to Br…

An 18-year old man was Thursday arraigned for the alleged murder of a Plaisance ...

Man allegedly kills stepfather

14 August, 2014

Man allegedly kills stepfather

Police have arrested a man who allegedly killed his stepfather at Freeyard, Port...

Recommended News Links

Recommended Radio Links

Other News and Opinion Wesbsites