FINANCE Minister Dr. Ashni Singh has maintained that the new $5,000 currency note is legal tender.

He was reacting to the joint private sector call, earlier this week, for an advisory to guide the use of the bill which went into circulation on Monday.
The Minister said: “All currency is legal tender and vendors and purchasers are free to use any denomination to transact their business.”
Chairman of the Private Sector Commission (PSC), Mr. Ronald Webster, contended that while legal “enforcement” of regulation for the note may not be possible, an advisory can assist in preventing challenges for the small entrepreneur.
The position of the President of the Georgetown Chamber of Commerce and Industry (GCCI), Mr. Clinton Urling is that there should be a minimum limit for which the new bill could be used, in light of the fact that requests for change may feed inflation.
“As it stands, business people are at the mercy of consumers who present the $5,000 note for small transactions. What we will end up with will be a change demand and we may end up printing more $1,000 bills,” he posited.
The heads of both private sector bodies said they support the note’s introduction but acknowledged their concerns over the demand for change, as it relates to its use.
According to the Finance Minister, the private sector can advise its members if this is the case.
Alluding to Minister Singh’s views about the issuance of advice, Webster conceded that this option was not legally enforceable.

EXHIBIT UNDERSTANDING
The latter called for consumers to exhibit understanding in the use and avoid undue challenges for themselves and producers when using the new note.
Urling told the Guyana Chronicle that the situation is now a “wait and see” one.
“At the end of the day, we are concerned that there is a risk with the change demand but, if the minister feels that an advisory is not necessary, we will wait and see what happens within six months,” he stated.
The Finance Minister, at the introduction of the new money, addressed concerns about inflation and made it clear that the value of the Guyana dollar remains the same, unaffected by the new note.