Blog Post

28 Apr
By: MOF Communications Unit 0

Bank of Guyana Assures that the Financial System Remains Strong, Stable and Profitable

The Bank of Guyana, including the Board of Directors, wishes to caution overzealous finance commentators against making uninformed statements about the banking system and the mandate of the Bank of Guyana. The financial system is too sensitive for reckless and irresponsible statements on the economy.

The most recent opinion contained in “State of central government deposits at the Bank of Guyana” by Sasenarine Singh of Sundari Solutions offers a view that the Bank of Guyana’s balance sheet ‘has been losing value for a while…’.

This statement is not true. The Bank’s assets have been increasing over the recent past. The audited financial statements of the Bank indicate that the assets of the Bank have increased from $189 billion at the end of 2015, to $220 billion at the end of 2016. The estimates for year 2017 show the assets increased to $224 billion.

Further, the Bank wishes to make it clear that the assets are adequate to absorb shock to the financial system and is collaborating with the Ministry of Finance to retire the debt.

The Bank wishes also to reiterate that the financial system, including the commercial banks and the Bank of Guyana remains sound and stable. The system is fully capitalized, liquid and profitable.

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