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…will seek to encourage a cashless society – Governor GeneralThe Bank of Guyana yesterday launched its countrywide financial literacy programme, aimed at edifying the populace to make informed financial decisions.The programme will get going fully in the second quarter of the year, and will utilize the resources of BOG as well as several other entities, such as the commercial banks,Cheap Jerseys Free Shipping, trust companies, community groups, consumer groups, and the Ministries of Education and Finance, among others.According to Central Bank Governor Lawrence Williams, the principal aim of the programme is to provide the broad populace, namely students,Cheap NFL Jerseys, parents,Wholesale Jerseys Cheap, youth organisations, home owners, entrepreneurs,Wholesale Jerseys, and consumers, among others with basic and essential financial knowledge, to make informed financial decisions that would enhance their lives with greater economic security and subsequently translate into greater national wealth with higher economic growth and development.In seeking to exalt the importance of the programme, it was pointed out that in a financial transaction,Andy Pettitte Jersey, there are generally two types of people, “people with money and others with experience…when the two meet,Cheap NFL Jerseys Wholesale, the one with experience ends up with the money, and the one that had the money is left with experience.”According to Williams, financial literacy is basically the ability to understand finance and to make informed decisions on how to use money.He noted that while the promotion of financial literacy is more advanced in the developed countries, like the United States, Europe and the United Kingdom, it is also being promoted in the Caribbean region.He pointed to the example of  the Central Bank of Trinidad and Tobago, which formally launched its version of the Financial Literacy Programme in 2007.Williams added that the Central Bank has recognised that there is an overwhelming need for educating the broad populace in financial matters that daily impact their lives.He noted that this position stems from the bank’s own observations arising from its continued surveillance of the financial sector, and from queries and complaints received from consumers of financial services provided by the banking sector.Some of the more specific areas on which the training will be focused are numeracy skills, to help to calculate interest earned on deposits and interest to be paid on loans, and service charges, among others; guidance to making wise saving and borrowing decisions; guidance for responsible use of money; understanding their rights as consumers; awareness of and avoidance of schemes aimed at defrauding them of their life’s savings; wise investment decisions; identifying counterfeit notes and fraudulent transactions; understanding the value and safety of using personal cheques and manager’s cheques to move large sums of money in settling transactions; understanding contribution to the economic well-being of the economy; understanding the role of the commercial banks in the economic development of the country, and the understanding the supervisory and regulatory roles of the Bank of Guyana, among other benefits.Williams said that there will be emphasis on the need for a cashless society,Chile Soccer Jersey, which will in essence reduce armed robberies of large sums of cash from businesses and individuals.According to Williams, the ongoing project will be a mammoth task and is expected to be extremely costly, but was necessary and will be an ongoing project.Chairman of Vision Guyana, Peter Ramsaroop, in an invited comment, said that the programme will enhance the population knowledge of key financial indicators. He said it was great the programme was beginning.He, however, said that it would have been great to see a programme of micro-loans being instituted at the same time for entrepreneurs and young people, in order to create new businesses.“This, then, would bring reality to the education on how to manage their investment and businesses…Such a micro-loan programme, backed by the Central Bank, will be a key ingredient to stimulate our economy.”Ramsaroop, who has created his own micro-fund program, said that farmers especially can benefit from such a programme. “Let’s implement practical education.”