In response to public concerns about the foreign exchange market, the Government of Guyana initiated a crucial meeting with representatives from the private sector, banks, and various stakeholders. Finance Minister Dr. Ashni Singh led the discussions, underscoring the government’s commitment to addressing this pressing issue.
President of Guyana, H.E. Dr. Mohamed Irfaan Ali, emphasized the significance of the meeting and instructed the Finance Minister to convene it. He acknowledged the ongoing debate regarding the foreign exchange rate and the availability of foreign currency in the public domain.
While the Central Bank asserts that there is an ample supply of foreign currency circulating in the local market, some local businesses persist in voicing concerns about a shortage, particularly in terms of US currency.
President Ali pointed out that the determination of the foreign exchange rate is now primarily influenced by market forces of demand and supply, rather than being centrally controlled by the government.
According to the President, a thorough review of data from the Bank of Guyana and Cambio establishments, coupled with insights from the central bank’s governor and technical team, has shown that there is sufficient foreign currency to meet existing demands. He highlighted the continuous surveillance and daily reporting mechanisms in place to monitor the situation.
A comprehensive report will be prepared and submitted to the President for further examination of the matter.
In a separate development, the government has identified instances where Trinidadian businesses operating in Guyana are sourcing goods locally and shipping them to Trinidad, thereby utilizing Guyana’s foreign currency for these transactions.