The Governor of the Central Bank of Guyana, Dr Gobind Ganga and his team met with representatives of banks to address the foreign currency problem facing importers.
Last Saturday, President Ali said the challenge businesses face with accessing foreign currency is due to the distribution of the currency at banks. He explained that the latest engagement between the banks and the government was last Friday, when it was revealed that one bank had a large demand for foreign currencies as compared with the other local banks. There isn’t a foreign currency shortage but an administrative problem in which some banks have more currencies than others.
“We are not sitting on this issue, we understand that the demand for business and transaction is increasing so we are working on many different fonts right now to address this issue. There is sufficient foreign currency but you have some banks that have a large amount and few of them that don’t have sufficient amounts. We are working with the suppliers and bankers to ensure that there is more efficient distribution in the system”.