Vice President Dr. Bharrat Jagdeo has affirmed the government’s proactive stance in monitoring and intervening to maintain adequate foreign currency reserves.
The government’s oversight includes collaborating closely with banking institutions to address fluctuations in foreign currency availability.
Dr. Jagdeo emphasized the natural expectation for increased demand as the country continues to develop.
He underscored the government’s readiness to intervene through the central bank to mitigate any short-term mismatches that could lead to currency depreciation.
During a recent press conference, Vice President Dr. Jagdeo highlighted that the government has already implemented systems to stabilize the market.
He mentioned recent meetings with bankers to address short-term mismatches in supply and demand, leveraging the central bank’s capacity for significant interventions when necessary.
Dr. Jagdeo reassured the public of the government’s capability to intervene multiple times throughout the year to maintain stability in the foreign exchange market.
He stressed that monitoring remains crucial to ensuring the exchange rate remains steady and conducive to the economy’s needs.
In conclusion, the government’s ongoing efforts aim to uphold a balanced foreign currency exchange rate, crucial for economic stability and growth.