FINANCE Minister, Dr. Ashni Singh yesterday lauded the Bank of Guyana (BoG) for persevering over 50 years, noting that this achievement is not the only celebration of the bank, as its existence gave rise to the recognition of the need to create a central bank for the country which was soon to be independent. He said the bank has played a pivotal role in the country’s growth and contributed to the strong financial system which today exists.  Speaking at the launch of the bank’s new logo as a part of its golden jubilee anniversary celebration to mark its success over the past five decades, he added that post-independence, the bank has continued in serving the needs of the nation, and can today justifiably be proud in the role it has played.

The minister recalled his privilege of being able to work with the bank for almost 25 years and witnessing its evolvement and growth.
The institution was established by virtue of the Bank of Guyana Ordinance No. 23 of 1965, and came into operation on October 16, 1965, seven months before the country gained its political independence.
Since 1998, the central banking legislation has been governing the bank’s operations. This, he pointed out, has been continuously amended and strengthened to create a better legislative framework under which the bank operates.
Minister Singh recalled the global and regional economic crisis which brought many strong banking systems down. He noted that it is the establishment of strong systems for regulation and provision, the operation and maintenance and preservation of these systems, along with the good and sound management of them, that ensured their strength in the most testing times globally, regionally and domestically, as Guyana survived those trying periods.
He said that he looks forward to the year-long celebrations and urged the employees to continue with their hard work.
According to the institution’s Governor, Dr. Gobind Ganga, it is expected to host several other activities throughout the year as a part of its celebrations. These include the publication of a book on the history of the bank, the minting of a commemorative coin, conferences with respect to addressing the financial and economic challenges faced by developing countries, including Guyana, local forums, a national essay competition, display of the construction of the building, evolution of the currency, award ceremony to honour long-serving employees, and a family day for staff, among many other events.
Meanwhile, Dr. Ganga said that though this is a time to reflect on the institution’s success, it is also an occasion to recommit to the delivery of quality service and to continue to boost the country’s economic development.
“The 50th anniversary presents not only the celebration of this milestone and the past achievements, but to also look ahead and reposition ourselves to meet the new financial challenges of the 21st century as they unfold.”
Celebrations will be held under the theme ‘Promoting Financial Development for Guyana’s prosperity’.  (GINA)