Guyana’s open-market system prone to fluctuations based on demand, supply

tor the usage of the internet, and priority will be given to persons who require the internet for education purposes— submitting assignments and so forth. So, this will be a big move for Aishalton in terms of attaining internet access,” Thomas said.

The village’s proposed Information and Communica-

- BoG clarifies, says GCCI has mistaken impression of Central Bank’s role regarding currency availability

Aishalton received internet access for the first time

The equipment was installed at the Aishalton Village Office on Thursday morning. Village Toshao, Michael Thomas expressed profound gratitude for the service, noting that it was the first time the village was receiving Wi-Fi service. While the village had previously received data service from Digicel as part of a Ministry of Education plan, difficulties arose when more than 15 persons attempted to ing (GOAL) and Cyril Potter College of Education (CPCE) were unable to connect to the internet.

Some of those persons were forced to travel to Lethem for a reliable and stable internet connection to attend their classes, submit assignments and write their examinations.

Others who could not travel were forced to drop out.

“So, with this new system, the village council will moni- tions Technology (ICT) hub will be located at the village office.

Thomas said the village had considered attaining internet connection previously, but it proved to be costly.

“So now that NDMA has provided this service, it’s going to benefit us greatly. I would like to give a big thank you to them, and the Government of Guyana for providing this service,” he expressed. (DPI)

THE Bank of Guyana (BoG) has clarified that the law stipulates that the Guyana Dollar is a freely floating currency, traded in a market in which prices are determined by prevailing market conditions, that is to say demand and supply.

Responding to a press release from the Georgetown Chamber of Commerce and Industry on the matter of availability of foreign currency, the Central Bank said: “The GCCI appears to be of the mistaken impression that the BoG exists to ensure that foreign currency is available to their membership at the times that they demand and at prices that they demand.”

The BoG went on to state: “This is simply not how an open market economy operates, and is simply not how foreign currency availability and pricing are determined where floating currencies are concerned.”

In clarifying its mandate, the Central Bank said it is an independent institution with a clear mandate defined by law and in keeping with international norms and standards for central banking. Its objectives include fostering domestic price stability through the promotion of stable credit and exchange conditions.

“The GCCI’s energies would be better spent engaging either the banks or the bankers association, who are also members of the private sector, with a view to better understanding the factors that influence the availability and pricing of foreign currency in the domestic market,” the Central Bank said, adding: “The BoG remains committed to discharging its mandate and to engaging with the private sector on matters of concern to them in a mutually respectful manner.”