Bank of Guyana on Wednesday launched a $50 bank note and two commemorative coins in honour of Guyana’s 50th Independence Anniversary.The launch took place at the Bank’s conference room, Avenue of the Republic.
The $50 banknote carries the 50th Independence Anniversary logo to the right, the crest of the Bank of Guyana in the centre and the people of Guyana standing together as one on the right. The reverse side 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 Bank of Guyana said too that the public security features are easily identifiable, appearing on the right – hand side of the face of the note is a Windowed Security Thread which when held up to the light a complete thread is visible. On the left of the face of the note the watermark of a Macaw and the value of the note (50) will be seen when the note is held up to the light.
The note measures 156mm x 65mm and is similar in size to the existing notes with the main colour on the front and back being brown. It bears the signatures of Dr. Gobind Ganga, Governor of the Bank of Guyana and Mr. Winston Jordan, MP Minister of Finance. The Bank said too that 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. The coins were struck by the Mint of Norway.
Meanwhile, speaking at the launching ceremony, Dr Ganga said that it is customary for the bank to issue commemorative coins to mark Guyana’s significant events and achievements. He said 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. According to him the bank considers the 50th Independence Anniversary as a momentous occasion and is proud to participate in the celebration. “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.
For his part Minister Jordan said, the occasion was an auspicious one and a fitting way to celebrate the country’s collection, and simultaneously, the Golden Jubilee Independence. He 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.