Vice President Dr Bharrat Jagdeo on Thursday noted that the issues in the foreign currency market in Guyana may be as a result of Trinidadian businessmen purchasing US dollars from Guyanese cambios and businesses.
“Some of the cambios and the banks, to a lesser extent the banks, are selling the foreign currency to them, [the Trinidadians] who come here and…there are some local companies buying from the banks and the cambios at about $216 and selling at $220 to the Trinidadians,” he said during a press conference.
In Trinidad, he highlighted that businesses are often forced to wait over six months to access foreign currency, resulting in them tapping into the Guyana market.
This, coupled with a surge in domestic demand for foreign currency, is creating issues in the local market, Jagdeo said.
He explained that domestic demand for foreign currency surged from 2020 when imports into Guyana stood at $2.2 billion compared to $9 billion in 2025.
According to the Vice President, the Bank of Guyana has the capacity to intervene in the market when necessary.
Even so, he said the Government has taken note of some concerning occurrences and will be probing more.
On March 27, the Central Bank injected US$35 million into the market, distributing the money across commercial banks.
On April 7, a further US$100 million was injected.
In December 2024, President Dr Irfaan Ali said an investigation was ongoing into the exploitation of foreign currency availability in local banks.
Discover more from INews Guyana
Subscribe to get the latest posts sent to your email.
