Dear Editor,
The Bank of Guyana, in keeping with the Currency Reform Process, has announced the launching of the Gy$ 5000 note. The new denomination is expected to be in circulation come December. The existence of this note is expected to greatly minimise the quantity of money that a bank is generally required to process.
Additionally, it will greatly minimise the cumbersome keeping and movement of bulky cash by the business community and other individuals.
Upon hearing the news of this new bill, many have begun to foresee the inconveniences that it will soon cause. A small fare is usually required by those utilising the public minibus system, and many complain that it is sometimes difficult to have a Gy$ 1000 note changed, much less for a Gy$ 5000 note.
I would strongly recommend that commuters desist from offering a Gy$ 5000 note. We must be considerate and ensure that we always have smaller notes to pay bus fares.
The launching of this bill is expected to better Guyana’s economic stability and growth. In 1996, the country’s nominal Gross Domestic Product (GDP) was amounted to Gy$ 99 billion.
To date it amounts to Gy$ 631 billion. It is clearly evident that the economy is progressing over time. I applaud our government for the notion to implement a higher denomination.
Yours truly,
Harold McCallister