The Private Sector Commission (PSC) in association with the Guyana Association of Bankers Incorporated today held cordial discussions with the Governor of the Bank of Guyana, Dr Gobind Ganga regarding concerns about a foreign currency shortage.
Stakeholders agreed that despite there being a shortage of foreign exchange at some banks there is no overall shortage of foreign exchange in Guyana given that the aggregate supply of foreign exchange is meeting the aggregate demand and therefore the market remains in equilibrium. This therefore puts to rest, concerns raised by the Georgetown Chamber of Commerce and Industry (GCCI) that there is an alleged shortage:
The Governor of the Bank confirmed that while there is an intra-bank market which enables banks to share, the Central Bank must rely on moral persuasion in an effort to achieve a more efficient distribution of foreign currency availability, while emphasizing the fact that it is the responsibility of the Central Bank to ensure that the Government meets its macro-economic objectives.
The PSC, the Bankers’ Association and the Bank of Guyana have all agreed to address the issues raised and promised to collaborate and work together for the benefit of all concerned.
