Latest update January 1st, 2025 1:00 AM
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$1, $5 coins to be pulled from circulation – BOG
The one- and five-dollar coins will no longer be minted and circulated in Guyana, while existing coins with those denominations, are expected to soon be pulled out of circulation.
It was announced that the $1 and $5 coins will soon be pulled from circulation.
This was disclosed by Governor of the Bank of Guyana, Dr. Gobind Ganga, at a recent press conference held at the Ministry of Finance.
Present also, was Finance Minister Winston Jordan who related that while the plan is currently in motion, no official date has been set as yet.
He explained that there is need for an assessment to be conducted first before the withdrawal of these coins and presently, the relevant authorities and experts are reviewing the feasibility of the elimination of the one dollar coin which has lived out its life already.
Dr. Ganga noted that withdrawal of the coins will have to be executed carefully.
If these two coins are no longer being circulated in Guyana, he said then the 10-dollar coin would be the only coin in circulation throughout the country.
Meanwhile, the bank recently introduced the 50-dollar note which is presently circulating in Guyana.
The note and commemorative coins were introduced a few weeks ago to mark Guyana’s 50th Independence anniversary.
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