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Gov’t to print $5,000 note

Jun 28, 2012 News

The Central Bank has recommended the introduction of a $5,000 note and the government has agreed.
Head of the Presidential Secretariat Dr Roger Luncheon made the announcement yesterday at his weekly post-Cabinet news briefing.
He said that this would be the fifth currency note in circulation, joining the $20, $100, $500 and the $1,000 notes. All the other notes will remain in circulation, according to Dr Luncheon.
He said that the $1,000 note was produced in 1996. Over the years there has been inflation which at today’s stage would necessitate the larger denomination.
Dr Luncheon insisted that the recommendation of the Bank of Guyana was not a response to inflation and would not lead to an exacerbation of inflation.
The inflation rate last year was 3.3 percent.  Minister of Finance, Dr Ashni Singh, in his 2012 Budget Speech, explained that this was because of government’s interventions to lower the taxes charged on fuel products and to provide financial support to the Guyana Power and Light Company to avoid full pass through of imported fuel price movement.
The inflation rate is targeted at 4.6 percent in 2012, primarily as a result of the increase in global oil prices due to continued tensions in key oil producing areas, and notwithstanding the government’s commitment to intervene as necessary to mute the effects of full pass through of global oil price movements to the domestic market.
Dr Luncheon said that the Central Bank can and should make public the “persuasive” documentation that it provided to Cabinet. The Central Bank has not issued a statement.

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