By Kristen Macklingam

Less than two months after launching a collection of commemorative stamps to mark 50 years of service to the country,

BoG Governor, Dr Gobind Ganga

the Bank of Guyana (BoG) is set to introduce a new denomination of currency. This time it is a $50 note in honour of Guyana’s 50th Independence Anniversary next year. BoG Governor, Dr Gobind Ganga, told Guyana Times on Tuesday that the new note which will be in circulation will showcase “features” that are associated with Guyana’s 50th independence celebrations such as the logo that is being used for the national event. “So it will be a note which will be in circulation so it can be used just like any other note. It will also help in terms of efficiency and making payments,” he said. Dr Ganga explained that such an addition to the current notes which were in circulation would assist many individuals when it comes to conducting business and receiving or issuing payments. Guyana Times  understands that this will be a “lighter burden” to carry around because it would reduce the number of coins persons may have to travel with to entities, especially smaller businesses such as market stalls and little shops where persons have to receive their “change” in coins. With regard to this new note being a limited edition, it was further explained that such a conclusion has not yet been derived. “If we want to continue, we will see how it is received, how the market will accept it, how it will go and then maybe at a later time we will introduce it as a part of the other notes in the system…this way it will ease the kind of constraints which we have in terms of finding other notes, other coins for giving back change or payment. Many people might want to hold those notes but the amount we are putting on the market, if they hold the notes, there will still be more to put in the market,” the BoG Governor posited. This newspaper was told that while the BoG was yet to make a public disclosure as to the amount of $50 bills it would be printing and circulating, the Bank has already decided on this figure. “We know how much we are printing, there is not going to be a shortage. It should run for some years before we can think about whether we want to continue with it or whether we want to stop. There is an issue of cost here and obviously the introduction of another note is very cost-effective…,” Dr Ganga further stated.

$10,000 bill mulled In relation to the central bank moving towards introducing currency notes of high denominations such as a $10,000 bill, the BoG Governor is yet to pronounce on this. As it is the highest note that Guyana currently has in circulation is the $5000 which was introduced to the public in 2013. “We are trying to move away from cash and we are hoping that we can have what we call mobile money so you can use cards that is the culture that really we want people to be a part of or we should be able to promote the use of electronic form of money,” he said, adding that such will be considered in future. “The introduction of larger notes will have reduced our cost effectiveness too. But with the $5000 note instead of paying to print five $1000 notes, they are now only printing one note, it is a little bit cost-effective because of the various security features we put in there, but the bottom line is that it is still cheaper than printing five notes,” he also explained. According to Dr Ganga, the use of bank cards, availability of higher denomination notes and making payments electronically can surely assist in combating crime in terms of robberies committed. “Our aim is to ensure that we can move towards less currency that is being used in the system and more in terms of using your cards, electronic forms of payments in terms of mobile money, such as using an electronic system in terms of accepting a data payment. That is what we will like to see,” he added. (kristenm@guyanatimesgy.com)