Komal Singh, Chairman of the Private Sector Commission (PSC), has commented on the availability of foreign currency in Guyana, stating that there is currently enough foreign currency in the country.
However, he highlights a challenge related to the time it takes to access these funds, which can range from 1 to 4 days.
Singh notes that despite the waiting period, the Central Bank’s monitoring indicates an excess of foreign currency in Guyana.
He emphasizes that addressing the delays in accessing funds is crucial for the private sector, especially with Guyana’s developmental agenda and infrastructural transformation requiring increased foreign currency.
Looking ahead, Singh provides an optimistic outlook for the next few years, considering the growing economic activities taking place in the country.
In 2023, the Central Bank acknowledged the existence of an intra-bank market that allows banks to share foreign currency.
However, it was noted that achieving a more efficient distribution of foreign currency availability relies on moral persuasion, and it remains the responsibility of the Central Bank to ensure that the government meets its macro-economic objectives.
As Guyana undergoes economic growth and development, addressing issues related to foreign currency access will be crucial for facilitating business operations and supporting the country’s ambitious developmental goals.