President Dr Irfaan Ali on Saturday hailed the important but often unsung role being played by the Central Bank of Guyana, in ensuring that Guyana’s economy as a whole remains fiscally stable amid global shocks.
The President made this pronouncement at State House, where he received a copy of the $2000 note that will soon go into circulation. According to the President, who was accompanied by Central Bank Governor, Dr Gobind Ganga, Guyanese should feel proud of the work being done by the bank.
President Dr Irfaan Ali and Bank of Guyana Governor Dr Gobind Ganga as the note is handed over
“If you look at the performance of the Bank of Guyana, we’ve not been talking about it much. But if you look at their performance in terms of their instruments and the stability the management of the monetary side has brought to the country, ensuring macroeconomic stability, we must be proud at what the Central Bank has been accomplishing,” Ali said.
Even while its regional neighbours faced shrinking economic growth, Guyana has been dominating the economic growth rate charts among countries in the region as its economy expanded.
It was only recently that Caribbean Development Bank (CDB) Director of Economics, Ian Durant, had said that the average growth rate of 2.7 per cent in the region was driven by Guyana, which recorded growth of 19.9 per cent.
Durant also revealed that Suriname, one of Guyana’s continental neighbours, and Trinidad and Tobago, its immediate neighbour in the Caribbean Sea, saw their Gross Domestic Product (GDP) growth rate decline. Interestingly, he attributed part of Suriname’s economic decline to its protracted lockdowns and curfews to combat the COVID-19 pandemic.
Looking forward, Durant had said that Guyana’s economy was slated to grow by 47.5 per cent. In fact, he said that Guyana’s economic growth rate fuelled by oil and gas would dominate the region’s overall 9.1 per cent expected growth rate for 2022.
Last month, when Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh presented the Government’s mega $552.9 billion budget to the National Assembly, he had announced that the real GDP grew by 19.9 per cent last year. According to him, this growth rate puts Guyana within the top percentile of fastest growing economies in 2021.
The $2000 note
The $2000 note commemorates Guyana’s 55th Independence Anniversary and depicts local culture, art and symbols, flora and fauna. According to President Ali, the designs on the note were selected with the Government’s “One Guyana” philosophy in mind.
“It is not just part of our currency system, it has a story behind it. And that story is about bringing prosperity and creating a platform where all Guyanese, our children, can inherit a future that is dynamic and prosperous and sustainable,” he said.
“And the note itself points us in that direction. It’s not only about oil and gas, it’s about our heritage, our first people the Amerindians, all our children, our one Guyana, the one Guyana that all of us must build together. It also incorporates features we’re strong in, that is our environmental features.”
The note, the first of its kind in Guyana, also depicts the country’s oil resources, represented by a barrel besides the map. In a brief comment to the media, Dr Ganga explained what makes the note unique.
“This is the first polymer note to be introduced in Guyana. And the first to depict our newfound natural resource, oil. And that is depicted in a barrel beside the map of Guyana. These polymer notes have enhanced characteristics of being cleaner, durable and environmentally friendly and more secure. The notes are resistant to dirt and moisture and can be easily cleaned. The substrate which is stronger than paper, will provide a longer life,” Dr Ganga said.
