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 / 6.813438; -58.165361 The current governor is Dr. Gobind Ganga.^[1]

Bank logo

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).

History

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.

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 commenced operations under the leadership of its first Governor, Dr. Horst Bockelman, who was seconded from the Bundesbank, Germany. A reputable banker with considerable experience, he had the advantage of being 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, Mr. William P. D’Andrade acceeded to the top position to become the first Guyanese Governor of the Bank. He was no stranger to the workings of the Bank since he was an ex-officio member of the Board of Directors as a result of his substantive post of Secretary to the Treasury, Ministry of Finance and later served briefly as Deputy Governor.

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.

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.

Since its establishment, the Bank has unassumingly laid the foundation for the economic growth of Guyana notwithstanding the many challenges. It has provided leadership to the financial system and the public sector in general, under often time difficult situations.

Artwork

A 3D version, drawn by JungleManGeorge, of the Bank Of Guyana is also seen featured on Google Earth.

References

↑ "Dr. Gobind Ganga is new Central Bank Governor". Kaieteur News. 2014-12-03. Retrieved 2016-09-15.

External links

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Buildings in Guyana

Airports	Aishalton Annai Apoteri Awaruwaunau Baramita Bartica Ebini Cheddi Jagan Imbaimadai Kamarang Karanambo Karasabai Kato Kurukabaru Lethem Linden Lumid Pau Mabaruma Mahdia Monkey Mountain Mountain Point New Amsterdam Orinduik Ogle Paruima Kaieteur

Amusement parks	Splashmins Fun Park

Forts	Fort Nassau Fort Zeelandia Fort Kyk-Over-Al

Government and municipal	Bank of Guyana Clonbrook Lighthouse Georgetown Cenotaph Georgetown City Hall Georgetown Lighthouse State House New Amsterdam Lighthouse Parliament Building Stabroek Market Umana Yana

Hospitals	Georgetown Public Hospital New Amsterdam Public Hospital St. Joseph Mercy Hospital

Museums and zoos	Guyana Zoo Guyana National Museum Walter Roth Museum of Anthropology

Places of worship	Brickdam Cathedral St Andrew's Kirk St George's Cathedral Mission Chapel Love and Faith World Outreach Ministries

Sports venues	Bourda Providence Stadium South Dakota Circuit

This article is issued from Wikipedia - version of the 9/16/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.