Guyana's president introduced financial reforms on Wednesday to strengthen oversight of the banking sector and stabilize foreign currency markets. Dr. Irfaan Ali met with Bank of Guyana Governor Dr. Gobin Ganga, Guyana Revenue Authority Commissioner-General Godfrey Statia, and bank officials to announce nine standard operating procedures aimed at promoting transparency and preventing capital flight. The government injected $332 million into foreign exchange markets in 2024, but demand increased to $1.2 billion by 2025, with $160 million in pending requests.
Credit card transactions surged from $91.3 million in 2023 to $347.5 million in 2024, prompting authorities to examine whether businesses were misusing personal cards for commercial payments. The new measures require importers to present commercial invoices before receiving foreign exchange and submit bills of lading to revenue authorities for verification. Banks must confirm that personal credit cards are used for individual purchases rather than business obligations, and oil sector companies must maintain local accounts for their foreign earnings under amended regulations.
Credit card transactions surged from $91.3 million in 2023 to $347.5 million in 2024, prompting authorities to examine whether businesses were misusing personal cards for commercial payments. The new measures require importers to present commercial invoices before receiving foreign exchange and submit bills of lading to revenue authorities for verification. Banks must confirm that personal credit cards are used for individual purchases rather than business obligations, and oil sector companies must maintain local accounts for their foreign earnings under amended regulations.
