Dr Irfaan Ali on Wednesday unveiled a package of reforms aimed at tightening oversight of Guyana’s financial and banking sector, with a particular focus on stabilizing the foreign currency market and curbing capital flight.
The Head of State convened a high-level meeting with key stakeholders, including Bank of Guyana Governor Dr Gobin Ganga, Guyana Revenue Authority Commissioner-General Mr Godfrey Statia, and representatives of commercial banks. He outlined nine new Standard Operating Procedures (SOPs) designed to improve transparency, strengthen foreign exchange controls, and prevent abuse of the system.
President Ali noted that demand for foreign exchange has surged in recent years, prompting the government to inject unprecedented resources into the market. In 2024, US$332 million was provided to meet demand, compared to US$1.2 billion so far in 2025, with another US$160 million pending. He also flagged the rapid rise in credit card use as an emerging concern.
Credit card clearances jumped from US$91.3 million in 2023 to US$347.5 million in 2024, and have already reached US$252 million in 2025. The President said authorities are now profiling credit card activity to determine whether personal cards are being used to settle business transactions.
“We’ve also noticed massive growth in credit card transactions,” Dr Ali said. “We’re now examining that growth, profiling that growth to see whether personal credit cards are used to clear business transactions and in what volume, because this is important for us to understand.”
The Nine Measures
The measures announced today include:
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Customers requesting foreign exchange for imports must present a commercial invoice to their bank before release of funds.
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Upon arrival of goods, importers must submit the invoice and Bill of Lading to both the GRA and the bank for verification.
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Banks will not release forex if certified invoices, Bills of Lading, and GRA compliance are not submitted.
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Commercial banks must share invoices and Bills of Lading with the Bank of Guyana for cross-verification, with a new reconciliation system linking banks, GRA, and BoG records.
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Banks must ensure personal credit cards are used strictly for personal transactions, not business obligations.
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Entities involved in related-party transactions or inflated invoicing designed to move capital out of Guyana will face penalties.
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Anyone taking foreign currency out of Guyana in cash must declare the source of funds.
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Companies registered under local content laws in the oil and gas sector must maintain local bank accounts, with foreign earnings remitted to those accounts. The law will be amended to enforce this.
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A single-window post-clearing system will be established at the Central Bank to reconcile past transactions between GRA, banks, and BoG before approving new requests.
Commercial bank representatives expressed support for the measures, noting they would help ease some of the challenges currently faced by the sector.
Minister of Public Service, Government Efficiency and Implementation, the Honourable Zulfikar Ally, also attended the meeting.
