Speaking with the heads of commercial banks and regulatory agencies on Tuesday, President Irfaan Ali announced a new set of measures aimed at tightening Guyana’s financial system, with particular focus on foreign currency management, invoicing practices, and credit card transactions.
The President highlighted worrying trends in credit card usage, pointing to figures that he described as “extraordinary.”
“In 2023, total credit card clearance was about US$91.3 million. In 2024, it was US$347.5 million. And to date [in 2025], it is almost US$252 million and we don’t even have Christmas clearances yet. That growth is extraordinary,” Ali told the gathering.
Ali made it clear that the government will act firmly to protect the economy from vulnerabilities and prevent capital flight. “Of course, we are in a position where we can clear the foreign currency, but we have to also protect Guyana’s interests,” he stressed.
Nine New Measures
The President outlined nine policy measures that will take immediate effect to improve accountability in the banking system:
1. Invoices Required for Forex Requests: Any request for foreign exchange at commercial banks must be backed by a commercial invoice.
2. Verification upon Arrival: Importers must submit invoices and bills of lading to the Guyana Revenue Authority (GRA) and their banks upon goods’ arrival to verify imports.
3. Conditional Access to Future Forex: Customers who fail to submit verified documents will have future requests for foreign exchange withheld.
4. Central Bank Clearing Window: A single verification window will be established at the Bank of Guyana to reconcile invoices and bills of lading.
5. Credit Card Restrictions: Personal credit cards cannot be used for business expenses. “We don’t want somebody settling a US$600,000 vehicle purchase for their company with a credit card,” Ali declared.
6. Penalties for Inflated Invoicing and Capital Flight: Companies found inflating invoices or shifting funds offshore through property or related-party transactions will face penalties.
7. Declaration of Currency Sources: Travelers leaving Guyana with foreign currency must declare the source, whether obtained from banks or cambios.
8. Local Bank Accounts for Oil & Gas Companies: All companies registered under local content rules must maintain local bank accounts into which foreign currency earnings are deposited. “Local content legislation will be amended to reflect this,” Ali confirmed.
9. Central Bank Clearinghouse: A post-clearing system at the Central Bank will ensure transactions are reconciled among the GRA, commercial banks, and regulators before new forex requests are processed.
Meanwhile, the President emphasised that these reforms are designed to eliminate weaknesses that have long been exploited. “This will take away all the accusations and bring parity in the system,” he stated.
To this end, the President warned against schemes involving shell companies and inflated invoicing. “When we find that there is over-invoicing because of related party transactions, we are going to take the relevant action against those companies,” he said.
Commercial banks in attendance, including Republic Bank, ScotiaBank, and Demerara Bank, welcomed the measures and pledged to work alongside regulators to ensure transparency.
The meeting ended with a commitment to establish a unified digital portal and continuous collaboration between government agencies and financial institutions, which the President said is essential to safeguarding Guyana’s economic stability as demand for foreign exchange grows.
