Commemorative $5,000 and $2,000 coins and a $50 bank note were yesterday launched at the Bank of Guyana (BOG) as part of the 5oth Independence Anniversary celebrations, GINA said.
BOG’s Governor Dr Gobind Ganga said that it is customary for the bank to issue coins to mark Guyana’s significant events and achievements.
The bank considers the 50th Independence Anniversary as a momentous occasion and is proud to participate in the celebration, Ganga stated.
“Over the past 50 years, the Bank has been, and continues to play a significant role in the country’s development through the promotion of financial evolution that encompasses monetary and financial stability, as well as safe and efficient payment system,” Ganga added.
Minister of Finance, Winston Jordan said the occasion was an auspicious one and a fitting way to celebrate the country’s Golden Jubilee of Independence.
According to GINA, Jordan said that the circulation of the $50 bank note will not impact the volume of currency in circulation, and will not lead to inflation since the Government has a sound monetary framework in place to preserve the value of the currency.
The minister said 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.
Thus, cash-based economies are more exposed to the threat of money laundering activities, “therefore it is imperative for the bank to take an aggressive approach in their financial literacy campaign, targeting residents in rural and hinterland communities,” Jordan declared.
The $50 bank note carries the 50th Independence Anniversary logo to the right, the crest of the BOG in the centre and the people of Guyana standing together as one on the right.
The reverse of the note portrays the National Flag and the Map of Guyana in the centre, Peace Doves on the right and the National Flower on the left.
GINA said that the two commemorative coins are similar in design to the 50th anniversary logo on the reverse and the Coat of Arms on the obverse.
The $5,000 coin is struck in silver and plated in gold while the $2,000 coin is struck in a metallic alloy and plated in gold.