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Exchange rate yet to stabilize

Mar 30, 2017 News

– Dynamic maintains highest rate
Guyana’s foreign exchange rate is yet to stabilize. The commercial banks continue to have varying rates of exchange and so do the airlines.
Last week it was reported that Guyana’s foreign exchange stood at $230 to US$1. Not much has changed.
Kaieteur News understands that the rate of exchange is varying on a daily basis. But for the past few days banks have been using between $216 and $219 to US$1.
The airlines are also exchanging at various rates with Dynamic Airlines holding out with the highest exchange rate. That airline is asking $226 to US$1; while, Caribbean Airlines and Fly Jamaica are trading at US$1 at $208.
Trans Guyana is unique. The airline is using a $206 rate for domestic flights but $216 to US$1 for international flights like Suriname. Eastern Airline is using an exchange rate of $220 to the dollar.
The International Monetary Fund (IMF) has spoken about the fact that there seems to be no standard rate of exchange. The IMF said that there is a great need for more transparency within the inter-bank foreign exchange market.
The international body said that the “inter-bank foreign exchange market appears segmented and illiquid.” This is to suggest that the banks did not collectively decide on an exchange rate. The IMF said that the inter-bank foreign exchange market can be further developed, “including by enhancing the transparency of market activity.”
The mission recommended that any official foreign exchange purchases and sales use a market mechanism similar to the one used for auctioning treasury bills.
Treasury bills have a face value of a certain amount, which is what they are actually worth. But they are sold for less. For example, a bill may be worth $10,000, but you would buy it for $9,600. Every bill has a specified maturity date, which is when you receive money back.

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