first_imgThe Bank of Guyana (BoG) has decided to stop minting the $1 coin, and this could see this currency, first introduced during 1996, being removed from circulation in a few years’ time.A notice from the BoG has said the decision to stop minting this coin is based on the general public’s reluctance to accept it, compounded by the low redemption rates and high production cost.A senior BoG official told Guyana Times that it is costing the bank four times more than the normal cost to produce one coin. In other words, it currently costs the bank $5 to produce one dollar coin.Although the BoG would no longer be minting the dollar coin, this currency would continue to be a legal tender, and would continue to be accepted throughout Guyana. The BoG notice has said that if, for some reason, the $1 coin is not available, payments may be rounded to the nearest $5.The BoG has said it would continue to issue the $1 coin until the stock is depleted, and it will exchange these coins for banknotes. Stopping the dollar coin from circulation is nowhere close to happening, it has said.A local expert in finance and economics told this newspaper that the decision taken by the BoG is a necessary one, and should have been made much earlier.He confirmed what many Guyanese have said over the years: that the $1 coin does not carry any value. In fact, the expert feels that not only should the BoG stop minting the $1 coin, but the $5 coin also.To support his argument, the expert said that coins are also bad for the environment, especially since most of them are metal copper plated. So, reducing the production of metal would be beneficial.Another point he raised is the fact that coins are cumbersome for people’s wallets. And with the transition to credit and debit cards, it becomes even more irrelevant to have those coins around.Guyana currently has one-dollar coins, five-dollar coins and 10-dollar coins in circulation.last_img read more

first_imgIT is 20 years ago this weekend that the county was rocked by the disappearance of a Greencastle fishing boat with the loss of all six men on board.On board were skipper Jeremy McKinney of Moville; his brother, Conal McKinney; John Kelly of Carndonagh, Derry; his son, Stephen; Terry Doherty of Greencastle and Bernard Gormley, also of Greencastle.An investigation into the cause of the loss on November 15, 1995, could draw no conclusions. However it said, whatever happened was probably “rapid and devastating”, leaving the crew no time to reach the deck,.The Greencastle vessel had been fishing on the Stanton banks, some 50 miles north of Malin Head on the day it disappeared.A number of other vessels which had been working in the area returned to port because of adverse weather conditions, and it was assumed the Carrickatine intended to do likewise. The skipper had reported an engine failure and a list in some of his last radio communications that fateful day.The investigation found the skipper, one of a very experienced crew, had told another vessel by radio that he had had to stop the engine for a while to clean an oil filter on the gearbox. The engine had “clutched out”, he was reported to have said. When it was running again, the ship had a list, which he said he would need to “sort out”.He did not specify the extent of the list or whether it was to port or to starboard. There was no further contact with the Carrickatine. The alarm was raised later than night when the vessel failed to return to Greencastle, initiating what may have been the largest and most detailed and comprehensive sea search operation in the history of the State.Units of the Irish Marine Emergency Service, the Naval Service, Air Corps, Irish Lights, the RNLI and local fishing vessels were involved, with Naval Service patrol ships and the Irish Lights tender, Granuaile, continuing well into 1996.Use of underwater search equipment in the latter stages was hampered by the presence of a large number of wrecks of submarines and merchant vessels, scuttled or sunk during two world wars in the area. Some items of debris were found, including a gas cylinder and a pound board from the vessel’s deck.Outlining possible causes, the report rules out massive structural failure and an explosion on board, but says significance must be attached to the skipper’s report of a list, which could have been caused by several factors. It says it has not been possible to establish whether there were any submarines in the area at the time, but even if there were, proof of a collision would require examination of the wreck. A funeral for the missing crew was held on the Naval flagship, LE Eithne, in February 1996.Josephine Kelly, who lost her husband John and teenage son Stephen, said the pain has not been eased by the passage of time.“It’s as sore now as the day it happened. Their deaths have left a void in our family that will never be filled.”Gina Harkin’s only two brothers, Conal and Jeremy McKinney, died when the boat vanished. It took her ten years to ‘get my head around it’. “You don’t ever get over it, you just get on with it. You have no choice really. If you don’t get on with it, you’ll go under.”Hundreds will gather at St. Mary’s Church, Ballybrack this Sunday at noon to remember those lost on the Carrickatine twenty years ago.RELATIVES STILL GRIEVE 20 YEARS AFTER SIX MEN LOST THEIR LIVES ABOARD DONEGAL FISHING BOAT was last modified: November 13th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:also of Greencastle.CarrickatineConal McKinney; John Kelly of Bally magroartyDerry; his sonOn board were skipper Jeremy McKinney of Moville; his brotherStephen; Terry Doherty of Green castle and Bernard Gormleylast_img read more