May 11, 2016 Ministry of Finance
Georgetown, GINA, May 11, 2016
Commemorative coins and a $50 bank note were today launched at the Bank of Guyana (BOG) as part of the 5oth Independence Anniversary celebrations.
BOG’s Governor Dr. Gobind Ganga said that it is customary for the bank to issue commemorative coins to mark Guyana’s significant events and achievements.
The first commemorative coin was the $1 popularly known as the “Cuffy Dollar”, issued in 1970 to mark the country’s Republican status. The second commemorative coin was issued in 1976 to mark the country’s 10th Independence Anniversary followed by a number of commemorative issues between 1979 and 2015.
The bank considers the 50th Independence Anniversary as a momentous occasion and is proud to participate in the celebration, he 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,” Dr. Ganga said.
Minister of Finance, Winston Jordan said, the occasion was an auspicious one and a fitting way to celebrate the country’s collection, and simultaneously, the Golden Jubilee Independence.
Minister Jordan explained that the circulation of the $50 bank note will not impact the volume of currency in circulation, and will not lead to high inflation since the Government has a sound monetary and system framework in place to preserve the value of the currency.
Minister Jordan further explained 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 said.
Minister within the Ministry of Education, Nicolette Henry, noted that the commemorative coins will allow Guyanese to see their country’s heritage and history.
Minister Henry implored the audience to participate in the BOG’s on-going note and coin exhibition since the coins reflect the extraordinary milestone and evolution of Guyana’s culture.
The exhibition displays colonial coins from 1969, 250th anniversary of the Berbice slave rebellion and 175th anniversary coins for Indian arrival among other historical coins.
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.
The two Commemorative coins are similar in design with the 50th anniversary logo on the reverse and the Coat of Arms on the obverse. The $5000 coin is struck in silver and plated in gold while the $2000 coin is struck in a metallic alloy and plated in gold.
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