– announces data-driven, sustainable financing upgrades for Bank of Guyana

–says institution’s foremost mandate will be to safeguard stable prices, exchange rates

PRESIDENT, Dr Irfaan Ali has signalled a decisive shift in the posture of the Bank of Guyana, outlining plans to modernise the institution and sharpen its role in safeguarding macroeconomic stability through proactive, data-led policymaking.

In a recent address, the Head of State said the government intends to transform the Central Bank into a forward-looking institution capable of supporting sustainable growth, protecting purchasing power, and strengthening confidence across the economy.

“Over the next five years, our government will also establish a modern, more efficient Bank of Guyana that is proactive, data-driven, and fit for the digital age. Its foremost mission will be to safeguard stable prices and a resilient exchange rate, ensuring a sustainable cost of living for all Guyanese.”

President Ali emphasised that the enhanced mandate would be underpinned by stronger and more precise monetary policy, reinforcing credibility with investors and the wider private sector.

“We will strengthen monetary-policy tools, deploying the policy interest rate and open-market operations with precision to manage liquidity and inflation expectations, while enhancing forward guidance and expanding statistical capacity to anchor private-sector confidence, innovation, and investment.”

He also pointed to sweeping reforms in payments infrastructure and capital markets as central to improving financial inclusion and unlocking new opportunities for businesses, particularly through a modernised regulatory and securities framework.

“To make financial transactions faster, safer, and more inclusive, we will modernise the payment system and transform money and capital markets by upgrading the securities framework, thereby creating new opportunities for the private sector. The Central Bank will not be passive and will act with urgency, intelligence, and credibility to secure Guyana’s economic future.”

The President noted too that over 600,000 Guyanese are now integrated into the country’s financial system.

“We firmly believe that everyone should have equal access to participate fully in our economy, beginning with the fundamental ability to open a bank account. That is why we drastically simplified the requirement for opening bank accounts.

“These simplified procedures are already in operation. Today, more Guyanese than ever before are part of the formal banking system. In fact, the number of bank accounts has grown by more than 65,000 since 2020,” President Ali added.

Earlier this year, the President called on Guyanese to ensure they open bank accounts, as the government aims to deliver social cash transfers via the banking system.

Additionally, online banking is operational at four local commercial  banks, making the process of creating a bank account much easier, including for those in the hinterland regions.

To further modernise the financial system, President Ali announced that a junior stock exchange will be created.

“We’ll establish a junior stock exchange such to allow small and emerging companies to raise capital under less stringent regulatory requirements applicable to the main or senior stock exchange,” he said adding:

“This will also provide an investment vehicle. For Guyanese with savings seeking to invest with minimal risk. Together, these initiatives are designed to create a powerful ecosystem where financial knowledge, unprecedented access to capital and new avenues for investment converge.”

Back in September President Ali announced a series of immediate policy measures to strengthen foreign exchange management and protect Guyana’s financial system.

President Ali said the government must ensure that such financial trends do not compromise the country’s economic stability or create opportunities for capital flight.