Latest update February 2nd, 2025 8:30 AM
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$5000 note for limited circulation
While many were expecting the new $5000 to be virtually everywhere after it was launched into circulation from yesterday, some local banks have informed that the note will not be issued until later in the week.
An agent of the Republic Bank on Camp Street, Georgetown, explained that only one $5000 note would be issued to a customer upon request. She added, “At this point, the note would not be given to customers who require a small transaction as we currently have a limited supply of the new denomination.”
The $5000 note
However, representatives of both Scotia Bank on Carmichael Street and the Demerara Bank Limited on Charlotte and Camp Streets have said that they would not be issuing the new note until later in the week.
This publication was also informed that customers would not be getting the new note from the Automatic Teller Machine (ATM) as they are still conducting several tests to determine how the new note will work in that system as some amount of configuration will be required.
One manager from one of the commercial banks explained that the new note will not be issued hastily to customers at this point in time.
Most businessmen and vendors, yesterday, said that they are not too keen on receiving the new note, that they are quite comfortable with the highest note being the $1000.
One vendor expressed, “I got some fears about this new money. When it really gets into the system, I just think it will put a strain on me because people will be coming with this new note and you will constantly be having an issue to make change. I am fearful of what is going to happen in this regard.”
At the launching of the higher denomination at the Bank of Guyana, it was said the note is intended to reduce the demand for other notes which continue to increase in volume due to higher economic growth and increased income.
Deputy Governor, Dr. Gobind Ganga, said that with this note, the Bank will undoubtedly meet the seasonal increase and reduce the number of notes it would be required to process.
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