…59,951 new bank accounts opened between April and August
Guyanese have already racked up US$356 million in credit card settlements so far in 2026, as President Dr. Irfaan Ali points to changing spending habits and a rapidly expanding financial system.
Speaking at his press conference on Monday, the Head of State said credit card settlements have risen sharply over the past two years, moving from US$140 million in 2024 to US$430 million in 2025, an increase of approximately 207%.
For 2026, he said settlements have already reached US$356 million, with several months of the year still remaining.
President Ali used the figures to illustrate what he described as changing consumption and financial patterns among Guyanese, including greater use of credit cards for travel, shopping and other purchases.
“Isn’t that a sign of a changing pattern? Isn’t that a sign of a more complex financial system with Guyanese buying more, using credit cards more?” the President said.
He also pointed to increased overseas travel and consumer activity, noting that foreign currency is required to settle many of those credit card transactions.
The growth in card usage comes alongside a sharp increase in the number of people entering the formal banking system.
Ali disclosed that 59,951 new accounts were opened between April and August 2026, a development he linked to changes made to simplify requirements for ordinary Guyanese seeking to open bank accounts.
Those accounts were added after another 119,807 accounts were opened between October 2024 and March 2026 across six commercial banks and two non-bank deposit-taking financial institutions.
According to the President, 96% of those earlier accounts were opened within the commercial banking sector.
Taken together, 179,758 new accounts were opened between October 2024 and August 2026.
The President argued that the increase in bank accounts and credit card usage reflects wider changes taking place in the economy as household income, access to financial services and consumer spending expand.
However, growing credit card use is also contributing to higher demand for foreign currency.
Commercial banks purchased US$2.279 billion in foreign exchange between January and June 2026, up 26.8% from US$1.798 billion during the corresponding period in 2025.
At the same time, Bank of Guyana foreign currency injections increased from US$642 million in the first half of 2025 to US$836 million during the first six months of this year.
Combined foreign currency availability rose by 27.7% to approximately US$3.115 billion during the first half of 2026.
The President said demand remains significant, with projected foreign currency requirements of US$354 million for the latter part of September, US$385 million in October, US$400 million in November and US$436 million in December.
That amounts to approximately US$1.575 billion in projected demand through the end of the year.
The President said Government and commercial banks are examining the structure of that demand as Guyana’s economy, financial system and consumer spending patterns continue to change.
