…Guyana remains a cash-based economy – Finance Minister
By Rennella Bourne
The Bank of Guyana launched its $50 banknote and two commemorative coins on Wednesday in honour of Guyana’s Golden Jubilee celebration.
The Governor of Bank of Guyana, Dr Gobind Ganga disclosed that the Bank usually issues commemorative coins to mark significant events and achievements.
The $50 note
“The first commemorative coin was issued in 1970 to mark the country becoming a republic and this coin was issued as a circulation coin, at a face value of $1, this popularly known as “The Cuffy dollar”.
The second commemorative coin issued in 1976 marked the country 10th independence anniversary; this was followed by a number of commemorative issues between 1979 and 2015.
According to Governor Ganga, the two commemorative coins are designed with the 50thanniversary logo on the reverse depicting elegance, artistry and cooperativeness of the people, while the obverse bears the jaguar that represents power, strength and valor of our multiethnic society.
The $5000 commemorated coin is produced in silver and plated in gold, and will be packaged in a box and sold at a cost of $8000 per coin. Governor Ganga noted that the issue is limited to 1000 coins. The $2000 denomination coin is plated in gold and produced in a metallic alloy. It will be sold at a cost of $2500 and is limited to 3000 coins.
The $50 note will be issued together with circulation notes along with existing notes.
“The note was inspired by our national symbols, the front of the note is consistent with the design of our bank note family. The note also carries the 50th anniversary logo,” Ganga noted.
Meanwhile, speaking at the launching ceremony, Finance Minister Winston Jordan disclosed that 50 years as an independent state is indeed a significant milestone for Guyana and should be commemorated in unique ways, hence the launch of the new note to commemorate Guyana’s Independence Anniversary.
Minister Jordan noted that the circulation of the $50 bank note will not impact the volume of currency in circulation, and will not lead to high inflation.
He added that even though technology has delivered alternative methods of payment, Guyana remains a cash-based economy in which the majority of economic transactions are conducted using cash.
Also present at the launching was Minister within the Education Ministry, Nicolette Henry. Both Henry and Jordon were presented with the souvenirs of the new note by Governor Ganga.
