Bank of Guyana
Bank of Guyana
The Bank of Guyana was established by virtue of the Bank of Guyana Ordinace No. 23 of 1965 and actual operations commenced on October 1965. The Bank of Guyana Act No. 19 of 1998 established the Central Bank as an autonomous institution governed by the Act.
The role of Bank of Guyana is to act as the Central Bank of Guyana. Its primary purpose is to formulate and implement monetary policy so as to achieve and maintain price stability. The other major purpose is to foster a sound, progressive and an effective financial system. In the discharge of its functions, the Bank strives to:
- Promote a sustained and non-inflationary growth of the economy.
- Maintain the integrity and value of the Guyana dollar.
- Secure the credibility of the financial system, including payments arrangements, through supervision and oversight.
The functions of the Bank of Guyana are as follows:
- To offer advice to the Government on economic management in order to achieve the desired course of economic events and minimise or avoid inconsistencies among various governmental policy measures.
- To offer advice on the efficacy of alternative policy instruments – exchange rates, interest rates and money supply.
- To monitor the functioning of the financial system and foster its development.
- To manage the foreign exchange reserves of the nation within the context of national policy.
- To operate such accounts of the Government as are assigned to the Bank.
- To manage the internal and the external public debt.
- To issue the country’s legal tender and to ensure the efficiency of the arrangements for payments and other forms of exchange.
- To co-operate with other Government agencies in facilitating international trade and payments