Bank of Guyana
Encyclopedia
The Bank of Guyana is the central bank
of Guyana
. It was established in 1965 in advance of the country's independence in 1966.
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 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.
Italic textThe 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.
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.
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.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Guyana
Guyana
Guyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
. It was established in 1965 in advance of the country's independence in 1966.
The Bank's logo is divided into four sections, representing the industries of rice
Rice
Rice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
(top left), timber
Timber
Timber may refer to:* Timber, a term common in the United Kingdom and Australia for wood materials * Timber, Oregon, an unincorporated community in the U.S...
(top right), shipbuilding
Shipbuilding
Shipbuilding is the construction of ships and floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history.Shipbuilding and ship repairs, both...
(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 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.
Italic textThe 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.
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.
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.