Bank of Guyana
The Bank of Guyana is the central bank of Guyana. It was established in 1965 in advance of the country's independence in 1966. Coordinates: 6°48′48″N 58°09′55″W / 6.813438°N 58.165361°W The current governor is Dr. Gobind Ganga.
The Bank's logo is divided into four sections, representing the industries of rice (top left), timber (top right), shipbuilding (bottom left) and minerals (bottom right).
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. The early establishment of the Bank was promoted by an agreement of the UK Government (acting for the still colonial members of the British Caribbean Currency Board (BCCB) and the Trinidad & Tobago Government), for the dissolution of the BCCB by mid-1967 and the cessation of issuance of currency after 1965.
The Bank of Guyana Ordinance established the Central Bank as an ‘autonomous institution' with headquarters in the capital city of Georgetown with the following principal objectives:
Within the context of the economy policy of the Government, the Bank shall be guided in all its actions by the objectives of fostering monetary stability and promoting credit and exchange conditions conducive to the growth of the economy of Guyana.
Apart from specifying the administrative and management arrangements for the Bank, the Ordinance, inter alia, decreed the Bank to:
have the sole right to issue and redeem notes and coins
act as banker to the commercial banks
act as fiscal agent and trustee of a banker to the Government
administer payment agreements entered into by the Government At its establishment, the Bank was housed in temporary premises in three locations. The Governor operated from an office assigned to him in the Parliament Building.
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