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Republic Bank relaxes rules on late fees, loan repayments to help cushion impact of Coronavirus

Republic Bank (Guyana) Limited has started waiving late fees and other penalties on the repayment of credit card debts, loans and mortgages as well as allowing eligible customers to postpone loan repayments for the next six months, in keeping with a request by the Bank of Guyana to all commercial banks. “In response to the anticipated impact as a result ...

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Tax reductions, incentives being considered -Finance Minister

Finance Minister Winston Jordan on Wednesday announced that the value added tax (VAT) is likely to be reduced to 12 percent as part of an overall package of tax reductions and concessions on building materials and certain productive sectors. Jordan, who has been on the 2020 election campaign trail, told a sod-turning ceremony for two internationally-branded hotels, that corporation and ...

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Some power company workers get 8.5 percent salary increase

Junior and senior employees of the Guyana Power and Light Inc. (GPL) would be getting an 8.5 percent increase in salaries retroactive to January 2019, based on an accord signed between the union and management. “The agreement follows negotiations that commenced in early December between GPL’s management and NAACIE (National Association of Agricultural, Commercial and Industrial Employees). Negotiations concluded amicably ...

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Guyana strengthening anti-money laundering system but lawyers, property dealers, charities among “most vulnerable”

Lawyers, accountants, real estate agents, used car dealers and registered charities were Wednesday highlighted as “most vulnerable” to money laundering, even as the Guyana government boasted of making headway in reducing the country’s “high” risk for financial crimes. National Risk Assessment (NRA) Coordinator, Alicia Williams said a 2016-2017 National Risk Assessment found that, “the most vulnerable sectors were the attorneys-at-law, ...

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Republic Bank already decided to compensate customers for inconvenience

About three hours after the Bank of Guyana said it would be pressing Republic Bank Guyana to compensate customers for inconvenience stemming from an upgrade of its system, the Trinidad-headquartered financial institution said it had days ago already decided to do so. “Importantly, at the Bank’s Annual General Meeting on December 9th 2019, Chairman, Nigel Baptiste, announced that the Bank ...

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Bank of Guyana now responsible for sovereign wealth fund

Guyana’s central bank, the Bank of Guyana, on Wednesday formally took over responsibility for managing the Natural Resources Fund also known as the sovereign wealth fund (SWF), even as Guyana awaits word from the Federal Reserve Bank of New York (or the New York Fed) on due diligence where the monies will be deposited. Governor of the Bank of Guyana, ...

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Guyana about to begin remapping for better land use, management

The Guyana government will shortly begin remapping the country for the first time in 50 years to give prospective and current land users a better idea of location, resources and features, officials said. Commissioner of the Guyana Lands and Survey Commission (GLSC), Trevor Benn says an US$18 million project was approved by the National Procurement and Tender Administration. Mr. Benn ...

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Gov’t slams Republic Bank for customer delays; calls for “manual facility”

The Guyana government on Thursday took Republic Bank to task over the long delays customers are experiencing in transacting business, even as the Trinidad-headquartered financial institution admitted that there are problems with its upgraded system and promised to fix them by mid-December. Director-General of the Ministry of the Presidency, Joseph Harmon said Minister of Finance, Winston Jordan would be taking ...

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Republic Bank hopes to fix problems by mid-December; apologises for customer delays

Republic Bank Guyana on Thursday apologised for prolonged delays being experienced by customers, saying an upgrade did not go according to plan and that it expects to fix all problems by mid-December. Following is a full statement from Republic Bank. “On November 4, 2019 the Bank completed the conversion to its new banking systems which involved the conversion of over ...

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Granger announces increased salaries, allowances for public servants; GYD$70,000 salary for sweeper cleaners

President David Granger on Wednesday announced a “tax-free” increase in salaries and allowances for public servants, following a meeting with representatives of the Guyana Public Service Union (GPSU) and three top government ministers. In an address to the nation, Mr. Granger said the “tax-free” increases retroactive to January 1, 2019 will be: 8.5 percent for those earning between GYD$100,000 and ...

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