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Bank of Guyana issued $1.2B in coins during first quarter–Report
Kaieteur News – Bank of Guyana recently revealed that many individuals and businesses are still using coins, so much so that it issued $1.2B worth of the metal currency during the first quarter of 2023.
In its report, the financial sector regulator said coins issued during that period amounted to $1,235 million, an increase of 2.5 percent above the $1,205 million issued for the corresponding period in 2022.
Bank of Guyana recently revealed that many individuals and businesses are still using coins, so much so that it issued $1.2B worth of the metal currency during the first quarter of 2023.
Kaieteur News understands that the share of the $1 coin accounted for 14.3 percent, the $10 coin was 45.2 percent of the total value of coins in circulation and was 7.5 percentage points more than that of the $5 coin which was 37.7 percent. The $100 coin also accounted for 2.8 percent of the total coins in circulation.
With respect to the total value of currency notes in circulation (including notes held in the vaults of commercial banks), at the end of the first quarter of 2023, Central Bank said this amounted to $211.4 billion, an increase of 20.1 percent when compared with a circulation of G$176.0 billion in the first quarter of 2022.
Central Bank’s report said the G$5,000 note accounted for 89.3 percent in the share of total value while that of the $2,000 notes accounted for 1.3 percent. The financial regulator said the share of the G$1,000 note decreased to 6.7 percent from 7.6 percent while that of the G$500 notes decreased to 0.9 percent from 1.0 percent.
Additionally, the share of the G$100 increased to 1.1 percent from 1.0 percent while that of the $50 fell to 0.2 percent from 0.3 percent. As for the $20, this remained at 0.5 percent.
The bank also said that the policy of ensuring that only acceptable quality notes are in circulation continued. It said this was achieved through regular withdrawals of mutilated, defaced or otherwise poor-quality notes and replacing them with new notes. The financial institution said mutilated, defaced and poor-quality notes amounting to G$217 million were submitted for replacement in the first quarter of 2023 compared with G$225.9 million for the corresponding period in 2022.
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