Frequently Asked Questions

General

No. The Central Bank does not open accounts, accept deposits, or offer loans to private individuals. The Central Bank acts as Banker to the Government and Commercial Banks.

General

The National Clearing House was established in 1998 and is located at the Bank of Guyana. BOG through co-operative arrangements with selected commercial bank branches in other regions has designated them as Clearing House Facilities to act on its behalf. Members of the NCH meet twice each business day, morning and afternoon to present cheques drawn on each other. At the end of each session, the multilateral net position of members is calculated. The final net position is posted to the respective Reserve Accounts at the end of each business day.

Banking services

Yes. The individual must present to the Bank the following:

• Identification of both parties (Identification Card or Passport)
• The back of the cheque must be endorsed with:
• the payee's name and address.
• the name and address of the person encashing the cheque.

Banking services

The Caricom currencies that the Bank of Guyana purchases are:

• Barbados dollars
• Belize dollars
• Eastern Caribbean dollars
• Trinidad and Tobago dollars

Banking services

Mutilated notes and coins can be redeemed at the Bank of Guyana. The Bank has the authority under Section 24 of the Bank of Guyana Act No. 19 of 1998, to prescribe the conditions under which mutilated or defaced or otherwise defective notes or coins may be exchanged.

The Bank of Guyana will exchange mutilated or damaged Bank of Guyana banknotes upon presentation of more than fifty percent of the banknote. Persons presenting mutilated or damaged banknotes for exchange are required to give a written explanation of the cause of the mutilation or damage.

Banking services

Bank of Guyana notes are designed with many security features to deter counterfeiting. The Bank has prepared a simple guide to aid in the detection of counterfeit.

If there is any doubt about the authenticity of a note, look for the security features

Bank supervision

The Bank Supervision Department is responsible for the supervision and regulation of financial institutions licensed by the Bank of Guyana. In fulfilling these responsibilities, it evaluates applications for licences, monitors and inspects the activities of those licensed financial institutions.

Bank supervision

No, the Bank of Guyana only supervises financial institutions which are licensed under the Financial Institutions Act 1995 [No. 1 of 1995].

Bank supervision

You should follow the licensing procedures listed in Supervision Guideline No. 2

Bank supervision

Copies of the Act can be purchased from Parliament Office.

Bank supervision

Yes, provided every attempt has been made to resolve the problem with the bank.

Bank supervision

On October 18, 2008, the Court ordered the liquidation of Globe Trust, following which Mr. Nizam Ali was appointed as the Liquidator by the Bank of Guyana.

Distribution of funds to depositors and trustors was made by the Liquidator in accordance with section 55 of the Financial Institutions Act 1995 (FIA).

The unclaimed funds have been transferred to the Bank of Guyana where distribution will continue with effect from May 2011.

Subsequently, unclaimed funds shall be dealt with in accordance with section 57 of the FIA.

Cambios

The general public can apply

Cambios

Submit a written application addressed to the Governor of the Bank of Guyana, which is forwarded to the International Department for processing.

Cambios

Each calendar year after inspection of the cambio and submission of renewal application.

Cambios

The licensed cambio is required to submit information to the Bank of Guyana on forms IV, 5, 6, 7 and 8.

Cambios

Section 16 of Dealers in Foreign Currency Act No 19 of 1989, authorizes the Bank of Guyana to conduct an examination of the cambios. Officers from the International Department would inspect the records maintained by cambios to ensure compliance with regulations.

Cambios

To check for compliance according to the Act.

Treasury bills

Treasury Bills are debt instruments issued by the Bank of Guyana acting as agent for the Government of Guyana.

Treasury bills

Individuals, Financial Institutions, Companies.

Treasury bills

In Guyana, Treasury Bills are currently issued for maturity periods/terms of 91-days, 182-days and 364-days.

Treasury bills

Weekly notices are normally placed in the daily newspapers and on the Bank’s website.

Treasury bills

Treasury Bills are purchased by tendering in response to the weekly notices, which are ‘Invitations to Tender,’ the terms and conditions of which are outlined in our website.