US$ rate is $230 – manufacturers

With complaints from businessmen mounting, the Guyana Manufacturing and Services Association (GMSA) yesterday said that the effective rate for the US$ is now $230 and warning that this would have severe repercussions for the economy. It called on the government and the central bank to intervene in the market. In a hard-hitting statement yesterday, GMSA said its board recently deliberated on the woes of the manufacturing sector. “The Board is (disappointed) at the rate of deterioration of the Guyana dollar and has estimated that the real exchange rate when available being used for the purchase of foreign exchange is $230, for the replacement of imported inputs into the sectors.”