Central Bank will intervene in foreign currency shortage issue
Central Bank is currently monitoring the matter of a foreign currency shortage in Guyana and will intervene if necessary.
This is according to a statement from the Georgetown Chamber of Commerce and Industry (GCCI). According to the Chamber, its Executive Management Committee (EMC) met with senior representatives of the Bank of Guyana on Monday to discuss concerns raised by some of its members regarding difficulties with local banks processing overseas transactions. During the meeting, the Chamber said that both parties shared their views on the matter, especially as it relates to conflicting reports that were seen in the media. Nonetheless, the Bank of Guyana assured the Chamber that there is no shortage of foreign currency and produced evidence which suggests that the foreign reserves of the commercial banks and the central bank remain relatively unchanged. The Chamber further disclosed that the Bank of Guyana stated that information being circulated by the media is “destabilizing speculation” which can impact demand, but added that it is monitoring the situation and will intervene if necessary. Based on discussions with the Bank of Guyana, the Chamber recommended that businesses consider the option of looking to other banks and cambios for foreign currency. GCCI said that any difficulties faced when processing financial transactions can be reported to the Chamber or the Bank of Guyana directly. In the meantime, businessmen continue to be told that there is a shortage in the system. In other cases, some companies are being informed that if they want their transaction to be conducted, then transfers in US dollars would be done at a rate of G$214. In this regard, the rates at some cambios have also increased from $208 to $215. There is a concern that the “shortage” is responsible for the hike in the rate for the US currency by local banks. For the time being, Central Bank Governor, Dr. Gobind Ganga, insists that the banks have foreign currency.
(Kaieteurnews.com)