Large amount of iNews voters do not support $5,000 note

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PIE CHART[www.inewsguyana.com]A large number of participants of the iNews Poll do not believe that the recently introduced $5,000 note will improve day – to day transactions in Guyana.

Following the poll question posted on iNews, 69 percent of persons voted ‘no’, 28 percent voted ‘yes’ while three percent were undecided. The new note is expected to be in circulation from December 9.

Since its launch, a number of persons have criticized it, especially minibus and taxi operators, who complained of pocketing more ‘change money’ in the event that a customer pays them with a $5,000 note.

However, nusinesses in Georgetown have come out in full support of its introduction. A statement issued by the Georgetown Chambers of Commerce and industry (GCCI) noted that it does not envisage inflationary pressures or increases as a result of the introduction of the new denomination; basing its argument primarily on the position articulated by Central Bank Governor Lawrence Williams at a Banking Seminar organized by the Chamber in 2012.

Williams has assured that the new note is not intended to increase Guyana’s money supply but rather shift the dependency from the $1,000 note to the new, larger $5000 denomination.

 

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