Finance

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 ...

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 ...

Finance Minister, Winston Jordan says government is employing at least 15,000 persons who really should be sent home so those remaining on the job can be paid better wages and salaries. “If you really want to downsize government, you are talking about another fifteen (thousand) to twenty thousand workers to really make that saving to pay those who will remain ...

Former Natural Resources Minister, Robert Persaud on Tuesday made it clear that he never benefitted financially from the award of a concession to Ratio Energy or any other oil company, and said no local or foreign investigator has contacted him. “No, and it’s not my intention to benefit from any deal,” he said, adding that “I don’t perform my responsibility ...

Guyana’s newest political party, Citizenship Initiative (CI), has vowed never to join either of the two big political parties and to strive for constitutional reform. Speaking during an interactive session at the party’s launch at Herdmanston Lodge, executive member Ruel Johnson ruled out the Citizenship Initiative teaming up with the either the People’s Progressive Party (PPP) or the People’s National ...

Finance Minister, Winston Jordan says the governing coalition’s general election campaign will not be pegged on the immediate benefits of oil money next year, but will list a number of tax concessions leading up to 2025 as more oil revenues pour in. He says lower individual, corporate, value-added and other taxes will find their way into the manifesto of the ...

A probe by the Bank of Guyana and other supervisory agencies into the shortage of United States (US) dollars at non-bank cambios has already raised some red flags, but Finance Minister Winston Jordan has declined to divulge details. Jordan said so far the investigations have shown that at least two non-bank cambios “have really caused this problem”. “Our investigation is ...

Working People’s Alliance co-leader, Economics Professor, Clive Thomas has labelled as “ignars” those in government who have rebuffed his proposed transfer of 10 percent after-tax oil revenues to households. Professor Thomas has proposed that by 2025 when Guyana’s oil production soars to about 1 million to 2.5 million barrels per day, each household should get US$5,000 every year. Guyana has ...

The Bank of Guyana (BOG) Tuesday night confirmed that it rejected the intended sale of Scotiabank’s (Guyana) operations to the Trinidad-headquartered Republic Bank, while at the same time assuring Scotiabank customers that their accounts are safe and that that financial institution could not just walk away from the country. “Nothing will happen to their accounts. Their accounts will remain safe,” ...

The Georgetown Chamber of Commerce and Industry (GCCI) on Tuesday said its planned Business Development Forum would be geared to helping small businesses find other sources of financing. Senior Vice President of the GCCI, Timothy Tucker says that’s because interest rates at commercial banks are very steep compared to crowd-funding, boot-strapping and equity. “Apart from electricity costs in manufacturing, is ...