Guyana gets $5000 bill

Nov 16, 2013 News

 
– “New note may facilitate other types of crime,” – APNU
Deputy Governor of the Bank of Guyana, Dr. Gobind Ganga and Finance Minister, Dr. Ashni Singh, officially launched Guyana’s first $5000 note yesterday, which will be put into circulation on December 9.
The higher denomination note is intended to reduce the demand for other notes which continues to increase, due to higher economic growth and increased income. It is also expected to enhance the

Deputy Governor of the Bank of Guyana, Dr. Gobind Ganga (left) and Minister of Finance, Dr. Ashni Singh (right), during the launching of the $5000 note.

efficiency in payment systems.
The note, which was created in keeping with the Currency Reform process, measures 156mm x 65mm with the main colors on the back and front being magenta and green.
The face side of the note carries the map of Guyana with its natural resources, while the reverse side depicts the National Bird; the Canje Pheasant, and the Rainforest.
The note also bears several security features that are easily identifiable. When tilted, the color of the value shifts from magenta to green and the rolling bar moves up and down. The value of the note (5000) and the watermark of a macaw will be seen when the note is held up to the light.
The note also carries a two track thread with optically variable & metallic print properties. Moreover, at the front of the note, on the right hand corner, is a Blind Mark for the visually impaired and partially sighted. Also, when tilted at an angle, the image of a jaguar can be seen on the holographic stripe.
The note which bears the signatures of Lawrence Williams, Governor of the Bank of Guyana and Ashni Singh, Minister of Finance, is printed by Oberthur, Fiduciaire of France.
Dr. Ganga in his address, said that the current highest note is the $1000 which was introduced in 1996 and presently accounts for about 60 percent of the number of notes in circulation and over 90 percent of their value.
He then explained that it is therefore evident, that given the cost structure from the significant growth of the economy, a large volume of the $1000 notes is necessary to settle some transactions.
The introduction of the $5000 note, Dr. Ganga said, will significantly improve the efficacy of the payment system and obviously provide for wide scale cost savings.
He noted too, that the issue date was chosen to meet the seasonal demand for high denomination currency which would usually pose a challenge for the Bank.

The new $5000 note.

The Deputy Governor asserted too, that with this note, the Bank will undoubtedly meet the seasonal increase and reduce the number of notes it would be required to process.
Also addressing members of the media corp at the auspicious event, was Dr. Singh.
The Finance Minister reiterated the importance of the new note, while reminding those in attendance that, “There really is no need in today’s world, to be handling and retaining large volumes of cash.”
Speaking to the unveiling of the $5000 note yesterday Leader of the A Partnership for National Unity (APNU), Mr. David Granger noted that several administrative centers do not have adequate financial institutions.
The APNU Leader made reference to the situation of Barima Waini (Region One).
“The centre which is in Mabaruma, does not have a bank, now particularly in the gold mining areas, huge amounts of money are moved and the banking system has not been sufficiently developed and I would feel that the introduction of this note would have some benefits to the users in this area.”
However,  Granger posited that the new denomination “might facilitate some other types of crime, but as a matter of convenience, we feel there needs to be some sort of consideration to the huge amounts of money being moved about,” and that attention should be paid to the fact that we have not been able to adopt a plastic system of electronic transfers, the use of credit cards  and other instruments to facilitate financial transfers in the hinterland Region.