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| There is a strong possibility that the Bank of Guyana will soon withdraw the local one and five dollar coins from circulation.This is according to Central Bank Governor Lawrence Williams,China NFL Jerseys, who said that such a move is dependent on a currency reform.There is the general feeling that, while the coins are relevant for accounting practices, they are irrelevant to the everyday cash transactions performed by Guyanese. Many persons have been disregarding the coins,Cheap NFL Jerseys, citing the high rate of currency use as a factor.“We are about to undertake a currency reform,China NBA Jerseys, and arising out of that reform,Cheap MLB Jerseys Authentic, study… would determine an appropriate currency structure,Wholesale NHL Jerseys 2020,” Williams told members of the media at a press conference at the Bank of Guyana yesterday.He added that, out of the reform, it is very possible for the bank to move in the direction of withdrawing the one and five-dollar coins.“This is not something that we’ve decided on. It will have to be based on a study of the denomination structure of the currency system,” the Central Bank Governor stated.Others argue that the cost of producing the coins is greater than their actual value.“I personally don’t like using the coins.What I would do, though, is store them,” said one individual,Cheap NFL Jerseys China, when asked about the move to withdraw the coins. Guyana uses coins for its one, five and ten-dollar denominations.Meanwhile, the Bank of Guyana is concerned over the mutilation of the paper currency notes.A senior official of the bank disclosed that millions of dollars in mutilated notes are taken out of the system every year. Notes are normally withdrawn if they are torn or defaced.The official noted that persons are in the habit of writing on the notes, which he said is illegal.According to the official, the bank will accept a torn note once it is more than 50 per cent of the size.He advised persons with mutilated notes to bring them to the Bank of Guyana to have them replaced. |
