Latest update January 26th, 2021 12:59 AM
Oct 12, 2019 News
There is more confirmation that there is a shortage of US dollar notes on the market.
Central Bank governor, Dr. Gobind Ganga, meeting with PSC’s chairman, Captain Gerry Gouveia yesterday.
Yesterday, a worried Private Sector Commission (PSC) met with the Governor of the Bank of Guyana, Dr. Gobind Ganga to discuss the matter.
Representing the PSC was Captain Gerry Gouveia.
According to the commission, it has been taking note of the publicly expressed concerns about the rising exchange rate of the US dollars to discuss the potential negative impact on the business community and the economy.
PSC said that the meeting was a constructive engagement.
“The PSC was briefed on the situation and the mitigating measures being taken by the Bank of Guyana.
The PSC was advised that the matter is mostly due to the unavailability of U.S dollar notes and not access to US currency to facilitate transactions such as payment for USD debit/credit cards and wire transfers.”
PSC said that the Bank, as regulator of the finance systems, assured that it is pursuing prudent measures to ensure exchange rate stability.
Kaieteur News, after more than a week of complaint, broke a story on Sunday where money changers on the street said that there is a huge demand for US notes and that this has helped drive the exchange rates to over $230 for US$1.
While the banks had US dollars to effect wire transfers, it was the cash that was short.
On the road, the cambios were providing, but one had to pay over $230.
A combination of factors has been fueling the situation.
Not only from Trinidad and Tobago and the US sapping up the cash, but lately, an increase in trade with Venezuela, which is struggling for foreign exchange, has nudged the rate further up.
In addition to the telephone companies, Suriname, Barbados and Venezuela have all been demanding cash.
The region has been facing a major foreign currency problem with their businesses and traders turning to Guyana for foreign currency.
In recent days, the Minister of Finance, Winston Jordan, has said that a probe has been launched.
Jan 26, 2021
– Makes donation to Police Force Four outstanding Police Officers from the Rose Hall Town Police Outpost were honoured by the ten cricket teams of the Rose Hall Town Youth and Sports Club, MS...Kaieteur News – The stories of Guyana in 2020 is inexhaustible, many of which needs highlighting because they bring... more
Kaieteur News – Guyana is getting peanuts at present for its oil. Instead of the projected US$300M which was estimated... more
By Sir Ronald Sanders Kaieteur News – As they are preparing to exit the White House and the State Department on January... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]