ABOUT GUYANA
[
Communications] [
Currency] [
Foreign Relations] [
National Holidays]
[
Transportation] [
Banking]
Location
Guyana is located on the North-Eastern coast of South America and is bordered by
the Atlantic Ocean, Venezuela, Brazil and Suriname.
Climate
The climate is tropical with temperatures varying between 28ºC- 32ºC.
Average annual rainfall averages 2300mm per year in Georgetown. The Coastal
rainy seasons are April to July and November to January.
Population, Language & Religion
The population is approximately 705, 156 (July 1999 est.) with a population
growth rate of –0.32%.
The population includes descendents of Black African slaves and East Indian,
Chinese and Portuguese labourers who were brought to work on the sugar
plantations. Amerindians, the indigenous peoples of Guyana, are the minority.
Native language: English and Amerindian dialects
Major religions represented are Christianity, Islam and Hinduism.
Cities & Towns
The capital city of Georgetown is located at the mouth of the Demerara River
with a population of approximately 200,000. Other main commercial centres are
the bauxite producing town of Linden, located some seventy (70) miles south of
the Capital; Corriverton, located at the mouth of the Corentyne River and New
Amsterdam, some sixty-five (65) miles south-east of Georgetown.
Government
Guyana is a Republic within the British Commonwealth. It became an independent
nation on May 26, 1966 and operates under a written Constitution (1980).
The country is divided into ten administrative regions- Baraima-Waini, Cuyuni-
Mazaruni, Demerara-Mahaica, East Berbice-Corentyne, Essequibo Islands-West
Demerara, Mahaica- Berbice, Pomeroon-Supenaam, Potaro-Siparuni, Upper
Demerara-Berbice, Upper Takutu-Upper Essequibo.
The legal system is based on the English common law with admixtures of
Roman-Dutch Law.
Elections are held under system of Proportional Representation with Government
serving a term of 5 years. It has an elected Head of State and a unicameral
National assembly of 65 members.
Imports & Exports
The main imports are Fuels and lubricants, animal feed, machinery and transport
equipment, petroleum and consumer goods.
The main exports include bauxite, gold, sugar, rice, rum, timber, shrimp and
molasses.
Communications
Post
The Guyana Post Office operates the postal service throughout the country
through its seventy branches.
Courier services
Several private courier services operate in Guyana. Among these are DHL, Federal
express, UPS, BWIA Jetpak and services offered by Laparkan, Amerijet and the
Express mail service of the Guyana Post Office Corporation.
Telephone system
The Guyana Telephone and Telegraph Company Limited operates the only telephone
service in the country.
Television Broadcast stations
There are approximately fourteen (14) stations carrying predominantly US
programming.
Radio Broadcast stations
There are three local radio broadcast stations AM4, FM3 and shortwave 1.
Currency
The Guyana dollar fluctuates according to market conditions. The Central Bank
rate of the Guyana dollar to the Unites sates dollar as at March 5, 2000 was 177
to 1.
Foreign currency may be bought or exchanged without restrictions at any of the
commercial banks or cambios (exchange houses).
Foreign Relations
Guyana maintains diplomatic relations with approximately one hundred and sixteen
countries.
Guyana is a member of the United Nations and a number of its specialised
agencies including the Generalised Agreement on Tariffs and Trade (GATT), the
International Labour Organisation (ILO), the International Monetary Fund (IMF),
and World Bank.
Membership in other organisations include the Commonwealth, International
Bauxite Association, the Nonaligned Movement (NAM) and the Latin American
Economic System (SELA)
Regionally, Guyana is signatory to and a member of the Organisation of American
States (OAS), the Caribbean Community (CARICOM) and Caribbean Development Bank (CDB).
National Holidays
New Years Day (non-religious)- January 1
Republic Day/ Mashramani (non-religious)- February 23
Phagwah (Hindu)- Follows the lunar calendar but usually in March
Good Friday Christian- April
Easter Monday- (Christian)- April
Labour Day (Non-religious)- May 1
Independence Day- May 26
Eid-ul-Fitr (Muslim)- Follows the lunar calendar
Caricom Day- (non-religious)- July 1
Emancipation Day (non-religious)- August 1
Youman-Nabi (Muslim)- Follows the lunar calendar
Deepavali (Diwali) (Hindu)- Follows the lunar calendar
Christmas Day (Christian)- December 25
Boxing Day (non-religious)- December 26
Transportation
Highways: There is a total of 7, 970 Km of highway in Guyana (590Km
paved, 7,380 unpaved). Paved highways run south from Georgetown to the town of
Linden, east along the coast to Corriverton and connect the West Bank of the
Demerara River to the East Bank of the Essequibo River.
Railways: There are 88 Km of railway which are dedicated to the transport
of ore.
Waterways: There are approximately 6,000 km of navigable waterways, with
the Berbice, Demerara and Essequibo rivers being navigable by oceangoing vessels
for 150 Km, 100 km and 80 km respectively.
Ports and Harbours: There are ports and/ or harbours at Bartica, Georgetown,
Linden, New Amsterdam and Parika.
Airports: There are approximately 48 airports, four of which have paved
runways and the largest being the Cheddi Jagan International Airport, Timehri,
located approximately 26 miles south of the Capital. Ogle Airstrip, a domestic
airport, is located on the outskirts of Georgetown.
Commercial passenger airlines fly daily to and from mains ports in North and
South America, Eurpoe and the Caribbean.
Banking and finance
The banking and financial system is made up of the Central Bank, commercial
banks, trust companies, a building society, insurance companies, credit unions,
bank and non-bank cambios, Private Sector Organisations and an informal
financial market.
The Bank of Guyana
Acts as the central bank for the country. Its main purposes are the formulation
and implementation of policy to achieve and maintain price stability, the
promotion of a sustained and non-inflationary growth of the economy and securing
the credibility of the financial system.
Commercial Banks
Account for approximately 70% of the assets of the financial system. The
three largest commercial banks are the National Bank of Industry and Commerce (NBIC),
the Guyana National Co-operative Bank and the Guyana Bank for Trade and
Industry. The Demerara Bank (an indigenous Bank) and Citizens BanK (Jamaica) are
the two newest banks in the country. Other foreign-owned banks include the Bank
of Baroda (India) and the Bank of Nova Scotia (Canada).
All the banks offer a full range of banking services and are linked to a network
of other international banks. Most offer Automated teller Machine (ATM) and
debit card services at key locations.
Trust companies
Account for 5% of the assets of the financial system and can accept only term
deposits. They offer mortgage financing, trust management, trade financing,
pension fund investment and brokerage services.
Merchant Banking
The Guyana Bank for Trade and Industry is the only bank to have obtained a
merchant banking licence in Guyana. The bank intends to offer denominated loans
at substantially lower interest rates and provide public sector advisory
services, trade and equity financing, leasing, factoring, acquisitions and
mergers.
Building Societies
There is one building society in Guyana, the New Building Society (NBS). It
provides mortgage financing for residential properties at rate lower than those
obtained at commercial banks.
Private Sector Organisations
There are six PSO’s which offer financial assistance to small enterprises:
The Institute of Private Enterprise Development (IPED)
Scotia Enterprise (affiliated with the Bank of Nova Scotia)
Small Business Development Initiative
Women’s Affairs Bureau
Red Thread
The Commonwealth Youth Credit Initiative
In addition to the provision of financial assistance these Organisations offer
technical expertise in the forms of counseling and training in basic
entrepreneurship.
Credit Unions
These account for 0.1% of the assets of the financial system. Their funds are
raised through the savings of their members.
Informal Financial markets
Though no exact amount can be placed the value of assets from this source it
is believed to be significant. It includes lending and saving schemes and
remittances.
Insurance Companies
These account for approximately 6% of the assets of the financial system.
Guyana has six insurance companies which offer general and life insurance.
Cambios and foreign currency
These facilitate the conversion of foreign currency. The physical movement of
more than ten thousand United States dollars out of and into Guyana must be
declared to port Authorities, however, there are no restrictions on the type of
foreign currency which may be brought into or taken out of Guyana.
Disclaimer: The information contained in this website is not intended to
replace the advice of an attorney-at-law. For further information or legal
advice we invite you to contact our office.
