Guyanese Dollar

Overview

The Guyanese Dollar is the official currency of Guyana, a sovereign state on the northern coast of South America. It is culturally identified with the English-speaking islands of the Caribbean because it was one of the territories, known as British Guiana, of the British West Indies.

Economy

• The main economic activities in Guyana are agriculture (rice and Demerara sugar), bauxite mining, gold mining, timber, and shrimp fishing.
• Chronic problems include a shortage of skilled workers and poor infrastructure.
• The government has juggled a considerable debt and the urgent need to expand public investment, and its fiscal position traditionally erodes when agricultural and mineral commodity prices are low. The country overhauled its tax code in early 2007 with a Value Added Tax (VAT) that is expected to add significant funds for public spending.
• The Guyanese economy has shown moderate economic growth since 1999, thanks to the expansion in the agricultural and mining sectors, a more favorable environment for entrepreneurship, a more realistic exchange rate, low inflation, and the continued support of international organizations.
• Economic growth has slowed as a result of the world recession, but GDP real growth rate continues to be over 3%, according to the CIA World Fact Book.

History

• In the 1800s, like other British West Indies territories, British Guiana used regular British coins, along with 2 and 4 pennies.
• The Guyanan Dollar shares the history of currency with other territories in the British West Indies, with a few exceptions: British Guiana continued to use the four-pence coin mill when other territories abandoned it, and used Dollar accounts in public and private sectors exclusively from 1839 (whereas other territories used a mix of accounts in Dollars and the British Pound until 1951).
• Between 1891 and 1916, four-cent coins were issued specifically for "British Guiana and the West Indies," and between 1917 and 1945 for "British Guiana".
• In 1916, paper money was first issued by the Government of British Guiana, in denominations of 1, 2, 5, 20 and 100 dollars.
• Guyana gained independence from United Kingdom on May 26, 1966, and became a republic on February 23, 1970.
• Banknotes were introduced in 1966 in denominations of 1, 5, 10 and 20 Guyanese Dollars. A second series was issued between 1989 and 1992 in denominations of $20, 100 and 500. The 1996-1999 series added a $1,000 bill. New $100 and $1,000 bills were issued in 2005 with added safety features.