BoG, Private Sector clash over availability of US dollars in Guyana

In a statement on Thursday, the GCCI expressed its dissatisfaction with the Bank of Guyana’s treatment of the “foreign currency shortage” in Guyana.

“…the Georgetown Chamber of Commerce and Industry (GCCI) is dissatisfied with the Bank of Guyana's (BoG) lack of action, vision and modern financial policies to improve access to financing for local businesses,” it contended.

According to the GCCI, Guyana’s economy is one of the fastest-growing in the world, with oil revenues generating hundreds of millions of US dollars annually.

The local Private Sector and the Bank of Guyana (BoG) have gotten into a public spat over the availability of foreign currency, United States dollars in particular.

Over the past few weeks, there have been conflicting reports from both sides on this issue after several companies and businessmen have complained about a shortage of US dollars in Guyana.

Among those who have been vocal on the issue was President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker.

The Chamber pointed out that, “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.”

Nevertheless, the GCCI contended that it will continue to advocate this cause in hopes that a thorough, independent investigation is conducted in order to uncov- er 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 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.

Further, it noted that