Higher denomination bank note soon to be introduced locally PDF Print E-mail
Wednesday, 27 June 2012 23:42
A HIGHER denomination bank note will soon be in circulation following Cabinet’s approval of the recommendation by the Bank of Guyana. The announcement was made yesterday by Head of the Presidential Secretariat, Dr Roger Luncheon, when he addressed his usual post-Cabinet press briefing at the Office of the President, on Shiv Chanderpaul Drive in Georgetown.
The $1000 bank note, which currently is the highest denomination, was introduced in 1996, and will probably be supplemented by a $5000 note. There will now be five bank notes, and none of the existing ones will be phased out.
The Bank of Guyana, Dr Luncheon said, provided Cabinet with convincing explanations for the introduction of the higher note.
Luncheon expects the Bank of Guyana to make public the “persuasive documentation” that it provided to Cabinet. In fact, he said he was certain this information would be made available by the bank.
He pointed out that the bank persuaded Cabinet that this intervention was not in any way a response to, or could not lead to, an exacerbation of inflation in Guyana. “I don’t believe that in the bank’s submission that they recognise some concern that we should be aware of where inflation and its implications for a higher denomination bank note were concerned.”
Luncheon said he has no doubt that, with Cabinet’s approval, the new note “will roll out very soon. I can’t believe that they will see Cabinet’s approval in June to initiate a process in 2013. There is no phasing out.”
 
Get Adobe Flash player

More Top Stories