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_imgHurricane Wilma slowed down Thursday, prompting the Miami Dolphins and Kansas City Chiefs to start moving quickly. Dolphins linebacker Zach Thomas apologetically skipped his normal interview availability, saying he needed to cram two days of film study into a few hours. The Chiefs scrambled to revise travel plans, and league officials worked on new television arrangements and other details. When Wilma makes its expected arrival in Florida sometime Sunday, the Chiefs will be long gone. Their visit to Miami was switched to tonight because of the looming Category 4 hurricane which would be the eighth to affect the Sunshine State in the past 15 months. Superdome update Superdome officials say the stadium should be largely cleaned up from Hurricane Katrina and ready for the New Orleans Saints to play at least some of their games there in 2006. The announcement Thursday came as San Antonio officials said they were working with Saints owner Tom Benson to keep the team in Texas. Tennessee quarterback Steve McNair missed a second consecutive practice, this one for personal reasons. The Detroit Lions still do not know whether Jeff Garcia or Joey Harrington will start in Sunday’s game at Cleveland. Wide receiver Hines Ward took part in some of the Pittsburgh Steelers’ drills but remains questionable for Sunday’s game at Cincinnati. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the WeekVick disagrees While it doesn’t apply to him, Atlanta Falcons quarterback Michael Vick criticized the NBA’s new dress code. “It’s a crazy situation,” Vick said. “I don’t know why people with power would make them dress the way that they want them to dress. Those guys are professionals, but at the same time we are all grown (men).” Fourth and inches Oakland receiver Randy Moss returned to practice in a limited fashion but is still listed as doubtful to play this week against Buffalo. Moss is nursing bruised ribs, a strained groin and a bruised pelvic area after getting hurt in a hard fall while trying to make a leaping catch late in the first quarter of Sunday’s 27-14 loss to the San Diego Chargers. The Vikings are expecting the return of wide receiver Nate Burleson this weekend when Minnesota hosts division-rival Green Bay. last_img read more