BANK OF GUYANA (BoG) Governor, Dr Gobin Ganga on Monday disclosed that the one dollar and five dollar coins might soon be out of circulation. Though he could not disclose when the coins would be out of circulation, he said an assessment has to be done before the decision is made.
“We are currently looking at the feasibility of eliminating the one dollar coin of which obviously it has lived its life already; there is no more need for that and we are looking at the five-dollar,” he told reporters on Monday during a press conference hosted by Minister of Finance Winston Jordan.
Dr Ganga noted that though the non-circulation of the coins is imminent, it has to be carefully studied.
“We have to be very careful because we do have the decimal system that people have to be educated about,” he said.
Currently, Guyana has one dollar coins, five dollar coins and 10 dollar coins in circulation, in addition to $20, $100, $500, $1000 and $5000 notes.
Earlier this month, the BoG unveiled a commemorative $50 note in observance of the country’s 50th Independence Anniversary.