DURING the month of December, the Bank of Guyana put into circulation series A99/A100/A101/A102/A103 and part of series A104 – $1,000 banknotes. That is about five and a half million $1,000 banknotes. My sympathy goes out to all those store cashiers, bank tellers, Cambio dealers and other users of volume banknotes. Can you imagine the hours wasted in just counting and packing all these banknotes during the course of business in the month of December? And this figure does not include notes already in circulation.
Is it not time we have a $5,000 and $10,000 banknotes? It is the job of government/Ministry of Finance/Bank of Guyana to facilitate its customers. Why do we have to be fetching around large bundles of banknotes to do our everyday transactions.
Guyana is a cash society and will remain so for the foreseeable future, for several reasons. One most important reason is because we have a constant flow of emigrants. Here in Guyana today, landed immigrant in USA tomorrow. That is why I do not accept cheques from the general public. I recently read the GRA is also not accepting personal cheques, and persons have to pay their taxes with bundles of cash. There are many other reasons which I will not go into at this time.
Just imagine our highest note is just equal to US$5. Guyanese are accustomed to handling US$20 and US$100 notes, so a G$5,000 or G$10,000 note is not a big thing. I am surprised that the Commercial Banks, Cambios and the Chamber of Commerce have not called on the competent authority as yet, about issuing higher value banknotes. Just think how much foreign currency, and time, we can save by reducing the millions of $1000 notes we need to print and count.
Since we are on the topic, I have the following suggestions: drop the $20 note and issue a $25 coin. Issue a new series of banknotes $100, $500, $1000, $5000 and $10,000. Put the pictures of past Presidents on the left side of the notes. Arthur Chung – $100, Forbes Burnham – $500, Desmond Hoyte – $1,000, Cheddi Jagan – $5,000 and Janet Jagan – $10,000.
Banknotes, like stamps and coins, have collectors worldwide who would welcome the issue of new notes. It is also a form of educating others about Guyana. Jamaica issued their $5,000 note in September 2009. Bank of Guyana should also look into the possibility of issuing Polymer banknotes which last much longer.
I do hope we will have our new notes very soon, and will be spending less time counting and packing $1,000 notes.