Maintaining that there is a shortage of foreign currency in Guyana, the Georgetown Chamber of Commerce and Industry has registered its dissastisfaction with the response of the Bank of Guyana to the currency shortage.
The GCCI said the bank has showcased a lack of action, vision and modern financial policies to improve access to financing for local businesses.
According to the oldest business chamber in the country, Guyana’s economy remains one of the fastest growing in the world, with oil revenues generating hundreds of millions of US dollars annually.
The Chamber said the Central Bank has failed to intervene in the ongoing foreign currency shortage issue, despite the Private Sector complaining about the problem since 2019.
The GCCI lambasted the Bank of Guyana for its “inaction”, noting that the Bank’s position to not do anything, disregards local businesses.
The GCCI intends to continue to advocate for the matter to be addresses and wants an independent investigation conducted to uncover the root cause of the shortage of foreign currency.
The GCCI said it has lost all confidence in the leadership of the Bank of Guyana and its capacity to implement policies that will guide Guyana’s financial sector to support growth.
The Bank of Guyana has said that there is sufficient foreign currency on the local market.
Some businesses and commercial banks have been accused of hoarding US currency, triggering the reported shortage.