Finance Minister Bharrat Jagdeo presented a Bill in the national Assembly to discontinue the circulation of coins of denominations below a dollar.
The Bank of Guyana (Amendment) Bill will also pave the way for the issuance of new coins of denominations of one, five, and ten dollars, and the establishment of legal tender limits for the new coins. Those provisions are expected to come, into effect on Independence .Day this year:
The amendment also stipulates that the legal tender coins should be accepted throughout Guyana in settlement of any private or public debt, or monetany obligation up to $100 for one dollar coins, $250 for five dollar coins and $500 for ten dollar coins.
The Finance Minister also presented a Bill making it an offence to bring into or take out of Guyana foreign currency in excess of US$10,000, or its equivalent in any other currency without making a declaration to the Comptroller of Customs.