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. 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: • 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 In September 2019, the Bank of Guyana blocked
Republic Bank Financial Holdings' purchase of
Scotiabank's operations in Guyana. In December 2019, the Bank of Guyana became the managing body of the country's first sovereign wealth fund. Five months later, the fund received its first royalty payment of US$4.9 million from offshore oil production. 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.
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. == Locations ==