GCCI expresses displeasure with Bank of Guyana’s treatment of ongoing Foreign Currency Shortage

The Georgetown Chamber of Commerce & Industry  (GCCI) in a release has expressed the body’s displeasure at the Bank of Guyana’s treatment of ongoing foreign currency shortage. The Bank of Guyana in a recent statement denied such a shortage exists, particularly for US dollars. The Bank reiterated that the banking system with an average monthly turnover in excess of USD500 million, has an adequate supply of US dollars to meet demand.

However, GCCI said it is dissatisfied with the Bank’s lack of action, vision and modern financial policies to improve access to financing for local businesses. The country’s economy is one of the fastest-growing in the world, with oil revenues generating hundreds of millions of US dollars annually, the organisation noted.

“According to its own statistics, the Bank of Guyana has failed to intervene in the ongoing foreign currency shortage issue, despite the Private Sector complaining of a lack of US dollars since 2019. Therefore, the Chamber views the Central Bank’s inaction to activate mitigating strategies to address the foreign currency situation as a disregard for business.”

GCCI said the body will continue to advocate this cause in hopes that a thorough, independent investigation is conducted in order to uncover the root cause. “An independent intervention is needed since the GCCI has lost confidence in the leadership of the Bank of Guyana or its capacity to implement policies that will guide Guyana’s financial sector to support growth being experienced in the real sector.”