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Guyana

Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Return to homepage  |  Last updated: 27 April, 2020

General information

In the ongoing national effort to support businesses and individuals who have been socially and economically disadvantaged by the threat of the corona virus (COVID-19) pandemic the Government of Guyana approved a number of relief measures.

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

The Bank of Guyana has implemented the following measures in relation to the financial sector:

  • Grant a three-month moratorium to classify affected accounts as non-performing;
  • allow banks to renegotiate credit facilities by waiving paragraphs 14 and 15 of Supervision Guideline No. 5,
  • ensure the foreign market continues to function to satisfy legitimate needs as well as ensure compliance with Circular No. 5 of 2017 on Bank Cambio Operation, and
  • continue with an accommodative monetary stance to promote sustained growth and development of the economy.

The Bank has further encouraged financial institutions to consider the following measures:

  • Defer loan payments to assist customers in good standing;
  • Defer loan payments by companies to assist with their liquidity requirements;
  • Waive or reduce fees/penalties for transactions with ATMs, POS, EFT, debit cards, loan processing, late payments on loans, etc. and;
  • Encourage customers to reduce in-person transactions by using e-banking, ATMs, POS, telephone, etc.

The BOG notes that the financial system is safe and sound and reiterates the critical role banks play in the economy. The BOG will continue to monitor COVID-19 and the evolving economic conditions and may consider other measures, if necessary.

Other measures and sources