Bank of Guyana launches 50th anniversary coin

Last Updated on Friday, 27 March 2015, 5:44 by GxMedia

The Bank of Guyana (BoG) on Friday launched a gold plated silver coin minted in Norway, to mark its 50th anniversary in service to the nation.

The design, taken from an in-house logo competition, displays the theme and emblem, reflecting the work of the bank for the past five decades.

Minister of Finance Dr. Ashni Singh, who was presented with one of the commemorative coins, noted that Guyana stood strong whilst other larger countries were foundering. He said government was committed to help build a financial system that meets all of Guyana’s objectives and improve access to financing.

“We should be vigilant and diligent in guarding and ensuring that we build on it while going forward…this is my call to the bank and other financial intuitions,” Finance Minister, Dr. Ashni Singh was quoted as saying by the Government Information Agency (GINA) at the launching of the coin.

The coin will be on sale at the cost of $6,500.

He noted that the strong stable financial system which Guyana enjoys, has happened through legislative interventions to make the BoG a stronger and more independent institution.

Dr Singh observed that making banks stable and deepening the country’s financial markets and allowing for access to financing and credit were all part of legislative interventions. These, he noted, have broadened the supervisory perimeter of the bank. He pointed out that whilst these initiatives all form the parts of the coin, the legislative interventions, which ensure stronger costs for governance in the financial system, have also brought the country together to achieve a strong, well regulated, supervised robust system. He said Guyana has achieved financial sector stability and strength.

The launching of the coin is yet another event commemorating the year-long activities, planned to observe the BoG’s 50th anniversary.

The Finance Minister, in congratulating the bank and its staff, pointed to the fact that the building of the bank was a significant step towards Guyana’s independence. He noted that Guyana will soon be observing 50 years of independence and that the coin has been launched on a special occasion. While the bank is limited in coins unlike stamps, “I urge Guyanese to delve into the vastness of our numismatic and philatelic history…..” the minister urged.

Meanwhile, Dr. Gobind Ganga, Governor of the BoG noted that the institution has played the vital role of providing monetary and financial stability to Guyana, contributing to economic growth and development.

“The foundation laid so far, is in a resilient banking and financing system, as well as a buoyant economy which will not only provide for a stronger oversight of the financial sector to ensure its safety and function, but will also provide enhanced competition to reduce interest rates to afford financing for higher economic growth,” Dr. Ganga stated.

He added too, that the BoG and the banking system at large, have been repositioning itself to face future challenges and to take advantage of new opportunities, to sustain growth and continued prosperity for all of Guyana, as the bank sees this as very important in its mandate.