By Kurt Campbell
The assurance has been given that the introduction of this higher denomination will not decrease the value of Guyana’s currency and is only in keeping with the currency reform process.
According to Deputy Governor of the Bank of Guyana Dr. Gobin Ganga, this new note is expected to significantly improve the efficacy of the payment system; a move that has garnered the support of the Guyana Association of Bankers.
He said the ultimate idea is to move in a direction of non-cash, but expressed the belief that it will not occur anytime in the near future for reasons he went onto list.
The note has several security features. According to Dr. Gobin, the time between the launch and when the bill is circulated (December 9) will be used to familiarize the public.
The face side of the note carries a map of Guyana with its natural resources, while the reverse side portrays the National Bird and the Rainforest. The note measures 156mm x 65mm, bearing much similarities to already existing notes.
The note is the only one in circulation locally that carries a blind mark for the visually impaired and partially sighted. This is among six other security features it carries which range from watermarks to latent images.
The reform of this note was done in collaboration with the Ministry of Finance, in this regard; Finance Minister Dr. Ashni Singh while addressing the gathering at the launch said it represents an important addition to the existing currency in use.
He is optimistic of experiencing the benefits the note brings with it. The Minister emphasized that the new note will in no way devalue the Guyanese dollar but merely represents a new denomination.
He said this was a necessary step taking into consideration the increase in the volume and value of transactions over the years.
Dr. Singh added that it is important for Guyanese to reduce the use of cash and encourage Central Bank to devise strategies in that respect.
The note which bears the signatures of Bank Governor Lawrence Williams and Dr. Singh was printed by Oberthur, Fiduciarie of France.