The Bank of Guyana, will soon be taking out of circulation the $1 and $5 coins, paving the way for the $10 to be the new minimum denomination.
According to a report, the Bank of Guyana Govenor, Dr. Gobin Ganga, has noted that the $1 has outlived it life, also businesses and persons do not accept the $1 coins. The bank noted that the coins will not be produced anymore. However, it will still be valid. The bank noted that it will continue to issue the coins until the stocks are depleted. The coins were in circulation for some time.
The Guyanese economy has not been performing well over the past years, this was confirmed by Minister of Finance, Winston Jordan, on Friday. Jordan noted that the economy performed very badly in 2017. Those sentiments were also echoed by members of the business community and citizens alike.