President Dr Irfaan Ali has announced that the government will be moving to establish a modern, efficient, and proactive Bank of Guyana.
Speaking during his address to the nation last week, the Head of State said the government will be investing in the Central Bank to increase its efficiency. He also said that steps will be taken to establish a modern institution which is “proactive, data-driven and fit for the digital age.”
“We’ll strengthen monetary policy tools, deploying the policy interest rate and open market operation with precision to manage liquidity and inflation expectation while enhancing forward guidance and expanding statistical capacity to anchor private sector confidence, innovation and investment,” the President outlined.
The Bank of Guyana is responsible for issuing currency, managing foreign reserves, acting as banker to the government and other banks, regulating financial institutions, and ensuring efficient payment systems and the value of the Guyana dollar.
As the country’s economy expands, the availability of foreign currency has been a recurring issue.
The President noted that foremost, the Central Bank’s mission will be to safeguard stable prices and resilient exchange rate, ensuring a sustainable cost of living for all Guyanese.
Moreover, to make financial transaction faster, safer and more inclusive, Dr. Ali added that the bank’s payment system will be modernised while the security framework will be upgraded thereby creating new opportunities for the private sector.
“The Central Bank will not be passive, it will act with urgency, intelligence and credibility to secure Guyana’s economic future,” he affirmed.
The Bank of Guyana was established by virtue of the Bank of Guyana Ordinance No. 23 of 1965. Actual operation commenced on October 16. 1965 – seven months before the country gained political independence.
Currently, over 600,000 Guyanese are now integrated into the country’s financial system.
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