Guyana’s financial system gets timely boost in security, transparency – Guyana Chronicle

–as President Ali announces nine ‘forex’ policy measures

PRESIDENT, Dr. Irfaan Ali has announced a series of immediate policy measures to strengthen foreign exchange management and protect Guyana’s financial system, as the country faces unprecedented demand for U.S. dollars and a surge in credit card transactions.
During an engagement with the heads of commercial banks and regulatory agencies on Tuesday, President Ali revealed that credit card clearances alone had skyrocketed.
“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 you don’t even have Christmas clearances yet. That growth is extraordinary,” the President said.
Dr. Ali said the government will ensure that such financial trends do not compromise the country’s economic stability or create opportunities for capital flight.
“This is an effort to monitor and ensure that we have enough foreign currency in the market. Of course, we’re in a position where we can clear the foreign currency, but we have to also protect Guyana’s interest, so the government, with immediate effect, will be implementing a series of policy measures,” the President said.
Ali stressed that the government must ensure that such financial trends do not compromise the country’s economic stability or create opportunities for capital flight.
The new measures which will be enforced with immediate effect are as follows:
1. Invoices required for forex requests: Any request for foreign exchange at commercial banks must be accompanied by a copy of the commercial invoice.
2. Verification upon arrival: Importers will be required to submit the invoice and bill of lading to the Guyana Revenue Authority (GRA) and their bank once goods arrive, to verify that items were indeed brought into Guyana.
3. Conditional access to future forex: If customers fail to submit verified documents, their subsequent requests for foreign exchange will not be processed.
4. Central Bank Clearing Window: Commercial banks will submit invoices and bills of lading to the Bank of Guyana for further verification through a newly established single-window system.
5. Credit Card Restrictions: Personal credit cards must not be used to settle business obligations.
6. Penalties for inflated invoicing and capital flight: Entities involved in over-invoicing, property transactions, or related-party transfers designed to move capital offshore will face penalties.
7. Declaration of currency sources: Persons leaving Guyana with foreign currency must declare the source, whether from banks or cambios, to enhance transparency.
8. Local bank accounts for oil & gas companies: All entities registered under the Local Content Law must maintain a local bank account into which foreign currency earnings are remitted.
9. Central Bank Clearinghouse: A single-window post-clearing system will reconcile transactions among the GRA, commercial banks, and the Bank of Guyana before new forex requests are facilitated.
TRANSPARENCY AND ENFORCEMENT
President Ali said that these measures are designed to close loopholes and eliminate duplication, adding that: “This will take away all the accusations and bring parity in the system.”
The President further cautioned against shell companies and related-party invoicing schemes used to disguise capital flight.
He added that the Central Bank and the Guyana Revenue Authority (GRA) will coordinate closely with commercial banks to ensure compliance and identify breaches.
Tuesday’s engagement stressed the importance of safeguarding foreign currency use to prevent misappropriation and ensure compliance with regulations.
The engagement was welcomed with commitments from all stakeholders present to work together to implement and monitor the measures.