The Human Resources Department is service-oriented with specific responsibility for the protection, development and general welfare of the human resources of the Bank.  This Department provides administrative support to all Departments with basic services and a workable environment.  In its supportive role, the Human Resources Department is the source through which information flows to and from the Bank. This department is comprised of four units: Communications, General Administrative Services, Human Resource Management and Training.

To provide and maintain a computing environment that is efficient, flexible, effective and enables the Bank�s business areas to meet their objectives in support of the Bank�s mission. To carry out this mission, the Department performs the following roles: 

• advise the Bank on the development and organisation of its information technology infrastructure; and

• provide the necessary support to ensure the ongoing effective operation of this infrastructure.

• To equip users for technology

• To ensure that information is timely and complete

• To ensure that information is easy to access and relevant

• To ensure that information is available for decision making

• To provide training and support at all times

• To monitor technology and market trends

• To advise and recommend acquisitions.

Internal Audit Department

The Internal Audit Department is an independent, objective assurance and consulting body designed to add value and improve the Bank�s operations.  It helps the Bank to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.  It operates under the principles of INTEGRITY, OBJECTIVITY, CONFIDENTIALITY AND COMPETENCY.

The International Department is tasked with the supervision of the domestic foreign exchange market, monitoring of the use of foreign exchange by residents and domestic currency by non-residents, execution of international payments and settlements and the management of the international reserves of the Bank.

The Operations Department comprises of the Banking Division, Currency Division, and Money Market Division.

The Banking Division's principal function is to facilitate the transfer of value to and from Government through its Retail Banking Services.  These services also include the conversion of Specified Caricom Currencies at the request of the public as well as domestic currency exchanges.  This division also facilitates the transfer of value across banks by hosting the National Clearing House.  

The scope of Operations of Banking Division also include:

• Retail Banking encashing of Bank of Guyana cheques and accepting deposits.

• Sale of commemorative coins.

• Examination of suspected notes and the replacement of mutilated and defaced notes.

National Clearing House (NCH)

The NCH was established in September 1998 with a membership of eight institutions comprising seven commercial banks and the Bank of Guyana and six out of town clearing facilities (Anna Regina, Linden, Corriverton, Parika, New Amsterdam and Rose Hall).  The NCH provides two clearing sessions, low value payments (payments less than G$500,000) and high value payments (G$500,000 and above).

Developments in the past five years:

On March 17, 2003 the NCH membership was reduced to seven due to the Guyana National Co-operative Bank being acquired by National Bank of Industry and Commerce Ltd.  As a result of this acquisition the out of town Clearing House Facilities in Linden and Rose Hall were closed. The Rose Hall facility recommenced operations in February 2004 following the opening of a branch of Demerara Bank Ltd.

Currency Division

The functions of the Currency Division were first carried out by the British Caribbean Currency Board Office in Guyana prior to the Bank having its own building and vaults for safekeeping of currency notes and coins.

 The notes currently in circulation are in denominations of $20, $100, $500 and $1000.  The first Bank of Guyana currency notes were put into circulation on November 15, 1965 and were in denominations of $1, $5, $10 and $20.  The Currency Division started the issuing of coins on February 9, 1967.  These coins were in denominations of 1, 5,10, 25, and 50 Cents and were taken out of circulation in May 1996.

The $1, $5 and $10 which were taken out of circulation in May 1996 have been replaced by coins of similar denominations.

The Currency Division's major responsibilities are as follows:

1.                  Issue of notes and coins to commercial banks and Banking Division of Bank of Guyana.

2.                  Processing of notes and coins.

3.                  Withdrawal of mutilated notes and coins from circulation.

4.                  Cancellation of all mutilated and defaced currency notes.

5.                  Placement of orders for notes and coins..

The Money Market Division is primarily responsible for the issuance, servicing and redemption of Government of Guyana Treasury Bills (T/Bills), Debentures and Bonds, which together form a major part of the stock of domestic debt of the Guyana Government.

•       The Government Treasury Bill is the primary monetary tool used by the Bank for its Open Market Operations, if and whenever intervention is necessary. Treasury Bills can also be issued by the Bank, (through its mandate as monetary agent of the government) for the purpose of financing government projects. Allocation of Treasury Bills follows a weekly auction, which is announced through publications in the national newspapers on two days (Monday & Tuesday). Issues can be of 91 days, 182 days or 364 days maturity. There are re-discount facilities for holders of T/Bills having 91 days to maturity.   

•      Government Debentures and Bonds have been (and can be) issued also to accomplish monetary policy objectives or government financing.

•       Any institution or individual (local and foreign) can purchase these securities.

•       Currently there is no secondary market for government securities.

The Money Market Division is also responsible for gathering and analysing information on a daily basis, relating to activities in the Inter-bank Market. 

The Research Department in the Central Bank is primarily an economic intelligence unit used for the collection and analyses of data on all aspects of economic life in the economy.  The gathering of international economic information is also part of its portfolio.  Its work informs policy and assists the Bank in giving advice to government.  The Research Department also produces occasional papers and its members represent the Bank at regional and international conferences.

The current structure of the Research Department includes the following Divisions, namely; the Financial Sector, Public Sector, Real Sector, External Sector and the Library.

The Financial Sector Division is particularly concerned with the reasons or causes of the movement in monetary variables for example credit extension, money supply, foreign assets and liabilities.

The Real Sector Division is involved in the collection and analyses of production and export data and with price movements in the economy.  This section is therefore involved in national income accounting. 

The Public Sector Division is divided into two sub-sections, the Central Government and the Public Corporations.  The Central Government sub-section collects data on Central Government revenue and expenditure.  Another important function of this sub-section is collecting information on the public internal debt.  The Public corporation sub-section collects and analyses data on the operations of public corporations.  The data received from the public corporations provide the Bank with an understanding of the financial health of these entities and estimates of their financing needs by the banking system.

The Balance of Payment sub-section of the External Sector Division is responsible for the preparation of the Balance of Payments. The section is also involved in the collection of data on the external debt.

The International sub-section of the External Sector Division is charged with the responsibility of collecting information and writing on international events and changes that will have a bearing on the working of the local economy.  Of great importance to this section is the movement in international exchange rates and in commodity prices on the world market.

The Library forms a very essential support system for the functioning of the Research Department and for the staff in general.  The Library is first and foremost an economic library.

The Research Department has a very sizeable input into the production of the Bank's Annual Report and Half-Yearly Review.  It also publishes Statistical Bulletin and Statistical Abstract.