National Bank of Guinea-Bissau explained

Bank Name:National Bank of Guinea-Bissau
Bank Name In Local:Banco Nacional da Guiné-Bissau
Headquarters:Bissau
Established:February 1975
Bank Of:Guinea-Bissau
Currency:Guinea-Bissau peso (GWP)
Currency Iso:GWP
Footnotes:National Bank of Guinea-Bissau was converted to a national branch of Central Bank of West African States

The National Bank of Guinea-Bissau (Portuguese: Banco Nacional da Guiné-Bissau or BNG) was the central bank of Guinea-Bissau from February 1975 until May 1997, when Guinea-Bissau joined the Central Bank of West African States.[1]

History

At independence in February 1975, Guinea-Bissau nationalized the Banco Nacional Ultramarino, Portuguese bank's branch, and transformed it into the country's central bank. The currency, Portuguese escudo, was replaced with Guinea-Bissau peso. In 1990, the bank was renamed as the Central Bank of Guinea Bissau (Banco Central da Guiné-Bissau).

In May 1997 Guinea-Bissau joined the francophone West African Monetary Union Union Économique et Monétaire Ouest-Africaine (UEMOA). Consequently, National Bank of Guinea-Bissau was converted as a national branch of Central Bank of West African States (BCEAO), and national currency Guinea Bissau peso was replaced by West African CFA franc.[2]

Governors

Governors of the National Bank since independence

See also

Notes and References

  1. Book: Mendy . Peter Michael Karibe . Lobban . Richard . Historical dictionary of the Republic of Guinea-Bissau . 2013 . Scarecrow Press . Lanham (Md.) . 978-0-8108-8027-6 . 4th.
  2. Web site: Press Information Notice: IMF Concludes Article IV Consultation with Guinea-Bissau . IMF . en.