Bank of Guyana

Last updated
Bank of Guyana
Ownership100% state ownership [1]
Governor Gobind Ganga
Central bank of Guyana
Currency Guyanese dollar
Reserves530 million USD [1]

The Bank of Guyana (BoG) is the central bank of Guyana. It was established in 1965 in advance of the country's independence in 1966. Coordinates: 6°48′48″N58°09′55″W / 6.813438°N 58.165361°W / 6.813438; -58.165361 Dr. Gobind Ganga has been the governor of BoG since December 2014. [2]


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 British 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. [3]

The Bank of Guyana Ordinance established the Central Bank as an ‘autonomous institution' with headquarters in the capital city of Georgetown.

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: [4]

In September 2019, the Bank of Guyana blocked Republic Bank Financial Holdings' purchase of Scotiabank's operations in Guyana. [5] In December 2019, the Bank of Guyana became the managing body of the country's first sovereign wealth fund. [6] Five months later, the fund received its first royalty payment of US$4.9 million from offshore oil production. [7] In October 2020, the Bank of Guyana chose to soften identification requirements by commercial banks for individual account holders to open and maintain accounts, admitting that the previous requirements were too strict. [8]

Ordinance revisions

The Ordinance establishing the Bank was revised and became the Bank of Guyana Act. CAP:85:02. This Act was further revised in 1995, 1998 and latterly in 2004. The later revisions significantly enhanced the role and purpose of the Bank within the framework of Guyana's economic and financial system. Additionally, they imparted greater autonomy to the Bank in terms of its constitution, administration and operations.

Currency and coins

The Bank commenced issuing the new national currency notes on November 15, 1965, to replace the BCCB notes, the issuance of which was expected to cease by December 31, 1965. However, national coins were not issued until the mid-1967. To date, the Bank has maintained De La Rue and the Royal Mint as suppliers of the nation's currency.

In 2012, the Bank of Guyana started to issue $5,000 bills, the highest denomination of the history of the bank. [9]


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.

Office space was rented from the Colonial Life Insurance Company, High Street, Georgetown, to house the Research Department while the BCCB's office in the General Post Office Building, Georgetown, executed currency operations on behalf of the Bank.


The Bank began under the leadership of its first Governor, Dr. Horst Bockelman, who was seconded from the Deutsche Bundesbank, Germany. He was also involved in setting up the Central Bank in neighbouring Trinidad and Tobago. The Governor was later supported by Mr. Kemal Sogancilar, who was appointed Banking Manager. He was seconded from the Central Bank of Cyprus but served earlier in the Turkish Central Bank.

All of the other positions were initially held by Guyanese. Two years later, William P. D’Andrade acceded to the top position to become the first Guyanese Governor of the Bank. He was an ex-officio member of the Board of Directors as a result of his post of Secretary to the Treasury, Ministry of Finance and later served briefly as Deputy Governor.


See also

Related Research Articles

The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70.

Georgetown, Guyana Capital of Guyana

Georgetown is the capital and largest city of Guyana. It is situated in Demerara-Mahaica, region 4, on the Atlantic Ocean coast, at the mouth of the Demerara River. It is nicknamed the "Garden City of the Caribbean." It is the retail and administrative and financial services centre of the country, and the city accounts for a large portion of Guyana's GDP. The city recorded a population of 118,363 in the 2012 census.

The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies used in Jamaica from 1954 to 1964. The monetary policy of the currency was overseen by the British Caribbean Currency Board (BCCB). It was the official currency used by the West Indies Federation The British West Indies dollar was never used in British Honduras, the Cayman Islands, the Turks and Caicos Islands, the Bahamas, or Bermuda.

Guyanese dollar Currency used in Guyana

The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-denominated currencies.

Charity, Guyana Village in Pomeroon-Supenaam, Guyana

Charity is a small township in Guyana, located in the Pomeroon-Supenaam Region No.2, which is part of the Essequibo County.

University of Guyana National university

The University of Guyana, in Georgetown, Guyana, is Guyana's national higher education institution. It was established in April 1963 with the following Mission: "To discover, generate, disseminate, and apply knowledge of the highest standard for the service of the community, the nation, and of all mankind within an atmosphere of academic freedom that allows for free and critical enquiry."

Arthur James Seymour, or A. J. Seymour, was a Guyanese poet, essayist, memoirist, and founding editor of the literary journal Kyk-Over-Al.

Peter "Lauchmonen" Kempadoo was a writer and broadcaster from Guyana. He also worked as a development worker in the Caribbean, Africa and Asia. He moved in 1953 to the UK, where he built a career in print journalism as well as radio and television broadcasting, and published two novels, Guiana Boy in 1960 — the first novel by a Guyanese of Indian descent — and Old Thom's Harvest in 1965, before returning to Guyana in 1970. He died in London, aged 92.

Ryhaan Shah is an Indo-Guyanese writer born in Berbice, Guyana. She is active in Guyanese public life as the President of the Guyanese Indian Heritage Association (GIHA).

Demerara Distillers

Demerara Distillers Ltd. is a Guyanan distillery known for the El Dorado Rum brand. It was at one time the world's second largest producer of rum.

LGBT rights in Guyana

Lesbian, gay, bisexual, and transgender (LGBT) persons in Guyana face legal challenges not experienced by non-LGBT residents. Guyana is the only country in South America, and the only country in the Americas outside the Caribbean, where homosexual acts are still illegal. Under the laws of Guyana, engaging in anal or oral sex can carry a possible punishment of life imprisonment. The law is not enforced, however. Recently, there have been efforts to decriminalise homosexual acts.

The National Library of Guyana is the legal deposit and copyright library for Guyana. Unlike many national libraries, it is also a public lending library and the headquarters of Guyana's public library service, with branches extending throughout the country. Founded in 1909, the National Library of Guyana is situated on the corner of Church Street and Main Street in central Georgetown. In 2007, the library recorded a collection of 397,893 books and a total of 22,058 members. Its collection includes the papers of A. J. Seymour and Ian McDonald.

Outline of Guyana Overview of and topical guide to Guyana

The following outline is provided as an overview of and topical guide to Guyana:

Guyana–Russia relations Diplomatic relations between the Republic of Guyana and Russia

Guyana–Russia relations is the bilateral foreign relations between the Russian Federation and Guyana. Officially established in 1970, Russia has an embassy in Georgetown, and Guyana's ambassador to Russia resides in London.

Terry Vivekanand Gajraj is a Guyanese chutney and chutney-soca artist.

Guyana–Trinidad and Tobago relations Diplomatic relations between the Republic of Guyana and The Republic of Trinidad and Tobago

Guyana–Trinidad and Tobago relations refers to the bilateral relations between the Republic of Guyana and the Republic of Trinidad and Tobago. Guyana has a High Commission in Port of Spain and Trinidad and Tobago has an Honorary Consulate in Georgetown. Both nations are a part of CARICOM, a political union of Caribbean countries. Guyana borders Trinidad and Tobago by a sea border in the Caribbean Sea.

COVID-19 pandemic in Guyana Ongoing COVID-19 viral pandemic in Guyana

The COVID-19 pandemic in Guyana is part of the worldwide pandemic of coronavirus disease 2019 caused by severe acute respiratory syndrome coronavirus 2. The virus was confirmed to have reached Guyana on 11 March 2020. The first case was a woman who travelled from New York, a 52-year-old woman suffering from underlying health conditions, including diabetes and hypertension. The woman died at the Georgetown Public Hospital.

Events in the year 2020 in Guyana.

Rewa, Guyana village in Upper Takutu-Upper Essequibo, Guyana

Rewa is an Amerindian village in the Upper Takutu-Upper Essequibo region of Guyana.

Winston DaCosta Jordan is a Guyanese politician. He served as Minister of Finance from May 2015 to August 2020. He served under the A Partnership for National Unity and Alliance for Change parties. Ashni Singh was appointed as his successor.


  1. 1 2
  2. "Dr. Gobind Ganga is new Central Bank Governor". Kaieteur News. 2014-12-03. Retrieved 2016-09-15.
  3. Mohabir, Paul. "Overview of the Legal and Regulatory Framework". Retrieved 2021-01-21.
  4. Mohabir, Paul. "Brief History". Retrieved 2021-01-21.
  5. "Bank Of Guyana Blocks Scotiabank Takeover". St. Lucia Times News. 2019-09-25. Retrieved 2021-05-25.
  6. "Bank of Guyana to manage new sovereign wealth fund". Central Banking. 2019-12-13. Retrieved 2021-05-25.
  7. "Guyana receives US$4.9M in first oil royalty payment". Stabroek News. 2020-05-02. Retrieved 2021-05-25.
  8. Chabrol, Denis (2020-10-20). "Bank of Guyana softening identification requirements for bank accounts". Demerara Waves Online News- Guyana. Retrieved 2021-05-25.
  9. "$5,000 bill to be introduced". Stabroek News. 2012-06-28. Retrieved 2021-05-25.
  10. Central Banking Directory. Central Banking Publications. 18 April 1993. ISBN   9780951790311 via Google Books.
  11. "Biographical note: Friedrich Wilhelm Horst Bockelmann (1930-98), former Economic Adviser". May 4, 2017 via journal requires |journal= (help)
  12. "270 PERSONALITIES CARIBBEAN - PDF Free Download".
  13. "News from Guyana; the Co-operative Republic". March 30, 1973 via Google Books.
  14. "Caribbean Insight". Goodyear Gibbs (Caribbean). March 30, 1992 via Google Books.
  15. "Bank of Guyana Governor dies". 7 May 2014. Retrieved 2021-05-25.
  16. "Gobind Ganga appointed governor of Bank of Guyana". Central Banking. 2014-12-03. Retrieved 2021-05-25.