Tag Archives: Bank of Guyana

Guyana’s oil revenues to be held in NY Federal Reserve Bank – Jordan

Finance Minister Winston Jordan

Guyana’s Natural Resource Fund (NRF), which will hold oil revenues, is to be located in the Federal Reserve Bank of New York rather than the Central Bank of Guyana, Minister of Finance Winston Jordan has revealed.

“We are in the process of getting the requirement to have the account established,” Jordan stated during an interview with the Department of Public Information (DPI) on Wednesday before adding that once “parked” in the account, these funds will await a new Parliament to decide on spending.

Jordan had previously indicated that the account would be a regular account at the Bank of Guyana and when royalties go into it, spending will happen until after elections when required committees are set up.      Continue reading

Guyana has been living beyond its means – Anand Goolsarran

Guyana has been living beyond its means – Anand Goolsarran

$86B accumulated in debts  – Consolidated Fund overdraft about $60B
Former Auditor General, Anand Goolsarran

Anand Goolsarran

June 3, 2015 | By | By Kiana Wilburg
With respect to Treasury Bills, Guyana has accumulated over $80B in debt. And the Consolidated Fund could be overdrawn by as much as $60B.

Former Auditor General (AG), Anand Goolsarran in pointing to these startling findings, said that it paints the clear picture that “Guyana has been living beyond its means.”
To cement his point, he examined the explanation given by Finance Minister, Winston Jordan for the Consolidated Fund being in heavy overdraft.  Continue reading

Guyana: Capitol TV News Videos – 26 March 2015

Guyana: Capitol TV News Videos – 26 March 2015

  • Interesting figures on migration over the years
  • Another body turns up dead on the Seawall
  • Opposition to meet GECOM on PVL
  • Coalition calls for calm after president’s comments on Crum-Ewing
  • Bank of Guyana launches coin to mark its Golden Anniversary
  • Giftland Mall opening draws closer
  • Another Look at the Courts
  • Sports

Click links below to view the TV News videos:

Interesting figures on migration over the years

Posted: 26 Mar 2015 06:08 PM PDT     Continue reading

Tax chief worries about $5000 note being counterfeited

Tax chief worries about $5000 note being counterfeited

NOVEMBER 21, 2013 | BY  | By Kiana Wilburg
GRA's Khurshid Sattaur

GRA’s Khurshid Sattaur

While the Commissioner General of the Guyana Revenue Authority (GRA), Khurshid Sattaur, fully supports the recently launched $5000 note, he expressed some concern over the possibility of the new denomination being forged.

Mr. Sattaur said that when the note goes into circulation on December 9, it will make their processing system a bit lighter and easier especially as it relates to the amount of money they have to count and take to the bank.

The Commissioner General added that the new denomination will only serve to improve Guyana’s economy and will certainly assist the Bank of Guyana in responding to the increase in the number of transactions being done as Guyana prepares to welcome the Christmas season.    Continue reading

Guyana – The new $5,000 note – commentary

The $5,000 note  [worth app US$25]

$5000 bill

People often talk about someone being pennywise and pound foolish. Ever since the government announced that it was introducing the $5,000 note there were queries whether the decision would not fuel inflation.

The powers that be, especially the Deputy Governor of the Bank of Guyana, said that the last hike in the value of the currency note was in 1999. On November 15, 1965 the currency notes that existed were in denominations of 1, 5, 10, and 20 dollars.   Continue reading

Granger calls for Tri-partite Budget Committee


  Monday 12th December 2011 – For Immediate Release


 A Partnership for National Unity (A.P.N.U) Presidential Candidate Brigadier David Granger has issued an urgent call for the establishment of a Tri-Partite Budget Committee. The call comes before the convening of the 10th Parliament, expected to take place later this year.

Mr. Granger has suggested that the proposed Tri-Partite Budget Committee be convened as early as possible to oversee preparation of the Budget (and subsequent budgets). This Committee will, among other things:

  • · collaborate with the Bank of Guyana, Statistical Bureau and other departments in presenting an accurate and detailed picture of the economy;
  • · identify all sources of funds and examine potential sources of new funds;
  • · propose tax reform measures, including the lowering of VAT and personal income tax, with their likely impact on revenue and economic growth;
  • · propose the inclusion of programmes and projects consistent with public needs identified during the elections (e.g., a job-creation, community-renewal, improved education and poverty-alleviation programmes); and
  • · examine all categories of expenditure and recommend areas where expenditure could be adjusted, foregone, revised, reviewed, renewed or removed.   Continue reading
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