Guyanaese Dollar (GYD)

Guyana Dollar Basic Concepts

The Guyana Dollar is the legal tender of the South American country, the Cooperative Republic of Guyana, with the ISO currency code GYD and the symbol $ or G$. Issued and managed by the Bank of Guyana, it utilizes the decimal system, with one Guyana dollar equaling 100 cents.

Countries and Regions of Use

The Guyana Dollar circulates only in the Co-operative Republic of Guyana proper. As a former British colony, the country's independence in 1966 after the gradual establishment of an independent monetary system, replacing the original use of the British West Indian dollar.

Currency Units and Denominations

There are six denominations of banknotes in circulation: 20, 50, 100, 500, 1,000 and 5,000 dollars, and coins of 1, 5 and 10 dollars and 1, 5, 10 and 25 cents. In recent years, higher denominations of banknotes have been introduced to cope with inflation.

Historical Background and Development

The Guyana dollar was first issued in 1839, initially pegged to the pound sterling. 1965 to establish the current monetary system, experienced a fixed exchange rate system with the U.S. dollar after the implementation of a floating exchange rate since 1991. The value of the currency is significantly affected by export resources such as bauxite and gold, as well as tourism.