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Central Bank commemorates 50 years by unveiling new logo
To commemorate 50 years of distinguished contributions to the economy, the Governor of the Bank of Guyana, Dr. Gobind Ganga and Minister of
Governor of the Central Bank, Dr. Gobind Ganga (left) being assisted by Minister of Finance, Dr. Ashni Singh during the unveiling of the Bank’s new logo.
Finance, Dr. Ashni Singh, unveiled yesterday the new logo for the financial institution.
Members of the media, senior officials and staff members of the bank gathered outside the northern entrance of the institution for the auspicious occasion.
Dr. Ganga asserted that 50 years is a major milestone for any institution, more so for the Bank of Guyana, given its historical significance and role in guiding monetary policies, monitoring and regulating the financial sector and maintaining financial stability. He said that the establishment of the bank on October 16, 1965 was a momentous occasion in Guyana’s history, for it represents one of the most prominent symbols of its nationhood status.
The Central Bank Governor said that the establishment of the bank was not a singular event but rather the culmination of an earlier attempt in 1962 by the then government which anticipated an independent Guyana.
He said that as a consequence, the then government subsequently requested and got permission from the International Monetary Fund for assistance in drafting the needed legislation to support the establishment of the Bank and since then, it has only been on the path to success.
He said that it has been quietly discharging its responsibilities by laying the foundation for financial sector development, price stability and economic growth.
Dr. Ganga said, too, that the bank has evolved from providing traditional functions like the issuance of currency to now, having the added responsibility of maintaining monetary and financial stability that includes the commercial banking system, insurance and pension schemes. He added that the bank has also evolved from one that was highly regulated to one that has a high level of independence from the point of legal operational management.
To mark the 50th anniversary, Dr. Ganga said that the institution planned a number of activities under the theme, “promoting financial development for Guyana’s prosperity.” These include, the publication of a book on the history of the bank, minting of a commemorative coin, conferences and presentations from regional and international personalities on topics which address financial challenges facing developing countries, a forum to discuss important issues in line with its new theme, a national essay competition, and an award ceremony for employees with over ten years of service.
He said that the bank has prepared a strategic plan which explains how it intends to uphold its mandate with respect to ensuring a sound and efficient financial sector and maintaining price stability over the next three years.
“It’s a time to recommit ourselves to preserving the integrity of this preeminent institution and working closely with other stakeholders like the Financial Intelligence Unit, Ministry of Finance and other agencies in fostering not only a sound and efficient system, but also an expansion of regulatory and supervisory framework to ensure financial safety.”
Dr. Singh in his brief remarks said that he views the 50 year anniversary of the institution from the perspective of the timing of its establishment and the role it played in the birthing of a new nation.
He said that the story of the founding of the central bank is inseparable from the story of the birthing of the nation and the establishment was not accidentally synchronous but was a necessity, given the independence that was to follow.
Even through the nation’s most tumultuous of years post-independence, the finance minister said that the bank has persevered in serving the needs of the country and can justifiably be proud of the role it has played.
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