Despite recent concerns about a possible shortage of foreign currency on the local market, President Irfaan Ali has assured that there is no foreign currency shortage in Guyana.

The Georgetown Chamber of Commerce and some businessmen recently complained of experiencing a shortage of foreign currency at local banks.

The GCCI called out the central bank for not monitoring the system.

But the President said based on an investigation done, it was found that there is no shortage of foreign currency but there might be some issue regarding the flow of the currency and possible hoarding.

“We have done an analysis of the foreign currency market and we are not convinced that there is any shortage. Our analysis and our discussions with private sector organizations have prompted us to urge improvement of inter-bank foreign currency transactions,” the President said.

The president said the government will continue to keep a keen eye on the situation which he believes could cause some negative impact on businesses.

“We are monitoring the situation and will make any interventions that are necessary since we recognized that any depreciation and shortage of foreign currency, will have an effect on inflation and commerce,” the President noted.

The GCCI recently stated that 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.

In response, the Bank of Guyana has indicated that there is no shortage and lashed out at the Chamber of Commerce over its claims, making it clear that the Central Bank’s responsibility is not to ensure the availability of foreign currency for the members of the private sector group.

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