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Finance Minister scolds Bank of Guyana over poor monitoring

Governor of the Bank of Guyana, Dr. Gobind Ganga.

Finance Minister, Winston Jordan has scolded the top brass of the Bank of Guyana for its lax monitoring and oversight of the country’s foreign exchange market and anti-money laundering regime.

Jordan last week made his views known to the Central Bank’s board of directors against the background of the recent alleged GYD$900 million fraud by a gold dealer and miner against the Guyana Bank for Trade and Industry (GBTI) and involving Citizen Bank cheques, and the recent shortage of foreign currency that resulted in the slide in the value of the Guyana dollar.

“There needed to be stronger monitoring of the financial sector. As you are aware, anti-money laundering is a big issue and things like those, they leave question marks on the adequacy of the supervision banks,” he  told Demerara Waves Online News.

In confirming that he discussed his concerns with the Bank of Guyana Board, the Finance Minister said he charged them to craft a strategic plan that would include a new organisational framework and “getting more involved in the supervision of the bank itself.”

Jordan said he called on the Central Bank to pay close attention to financial crimes and the foreign currency market “because these are challenging times.”

Demerara Waves Online News was told that the Finance Minister was very harsh in his criticisms of the way the Bank of Guyana is being managed, but he opted to say that he had “more than a friendly conversation with the Board.”

Asked whether there would soon be a new Central Bank Governor, he said the current office holder, Dr. Gobin Ganga’s contract expires either in 2019 or 2020. “No, I don’t think any Governor is on the cards at the moment, not in the context of his contract.”

Meanwhile, in a joint statement by the Ministry of Finance and the Private Sector Commission, Minister Jordan was quoted as assuring that his ministry “was actively examining ways to strengthen the Bank including reviewing legislation and expanding the Board.

Jordan reportedly extended an invitation to the PSC for a representative to be part of the Board once the legislation was in place.

  • rs dasai

    Col
    The Min of Fin is creating his scapegoats for future use. Not surprising.
    Can the Min of Fin tell us how the BoG could have prevented the $900m fraud? Does legislation prevent fraud?

    • Col123

      Read the tea leaves… “ethnic entrapment” handiwork by the opposition called out by Hinds…native and ancestral lands “COI”with the aim of land claims for reparations and Harmon calling it out as “stoking racial tension” SOCU and the public display of arrests of the opposition, including the leadership… the arrests which was publicized by the government a week prior…,.now Jordan hanging out his underwear in public with foreign exchange and slide in value of GD$….it’s called DESPERATION…,

      • rs dasai

        Col.
        Maybe desperation, but at least ‘transparent’. Now , you cannot say that we were not told.

  • rudeo

    WOW!

  • Col123

    What is the racist about the comment?… is Idi Amin your dad?…. “agent provocateur”..,What is that?… it certainly provoked you!… get a life … move along boy..

  • rs dasai

    John
    You very well know that there is no law to prevent ‘collusion’.
    Greed is the mitivator.