The availability of foreign exchange in the country is one of several issues to be discussed when representatives from the banking sector and the busi
The availability of foreign exchange in the country is one of several issues to be discussed when representatives from the banking sector and the business community convene a meeting on Monday.
This was announced on Saturday by President Irfaan Ali who said that he has instructed the Minister of Finance Dr Ashni Singh to convene a stakeholder meeting with the private sector, the Bank of Guyana, all commercial banks and other key stakeholders.
“We’re going to have everyone in the room and to discuss this issue in a holistic manner and to bring to me a report based on those consultations so that we can further examine this matter.”
Speaking during a news conference, Ali said figures from the Bank of Guyana and the Cambios as well as reviews by the Central Bank Governor and the technical team show that “they have sufficient foreign currency to satisfy the existing demand.”
On Saturday, foreign exchange was being traded at a buying rate of GUY$202 for US$1 and selling at GY$216 for US$1.
The meeting is being held as several of Cambios have opted not to post the selling rate on their boards.
In addition, Vice President Bharrat Jagdeo recently observed that a number of Trinidadian businesses had been using Guyana’s foreign exchange market to buy their goods for export to Port-of-Spain because of the prolonged foreign exchange crisis in the twin-island republic.
Guyana has a floating exchange rate, but under the coalition-led government, the Central Bank had ordered cambios to trade the United States dollar within a GUY$3.00 spread for the buying and selling rates.
caribbean.loopnews.com