Local banks repeat foreign currency shortage claims

Even though the Government and the Central Bank have said since last year that there is no shortage of foreign currency, consumers continue to experience a different reality. Up to , local banks informed some businessmen that they are unable to do transactions ranging from USD 80,000 to even USD 5,000. The excuse given is that there is a shortage of foreign currency within the system. Inquiries made by Kaieteur News also showed that the situation remains the same. Some banks are proffering the explanation that they sell the USA currency based on what is brought in by their customers. Such is the case with Republic Bank. When the media contact with the Camp Street branch, it was told that a transaction of USD 30,000 or even USD 2,000 could not be done. A supervisor subsequently stated that there is a shortage and that checks should be made at the Republic Bank branch at Water Street. But this too was not successful. Representatives at the branch stated that the amount was not available and that “there seems to be a shortage for some time now.” The official told this newspaper that checks should be made at a later date.

In other cases, some banks are stating that customers would have to go on a waiting list and the time for their request to be facilitated is not guaranteed. They insist that they cannot guarantee that the waiting list process would result in the transaction being effected within two or three days. The media contacted Central Bank Governor, Dr. Gobind Ganga Wednesday about the situation. He insists however that the banks have foreign currency. (Kaieteurnews.com)