Banking rates point to weakening dollar

While buying and selling rates at local cambios have remained somewhat constant, Guyanese using their debit or credit cards and bank drafts for United States dollar transactions will notice what appears to be a further depreciation of the Guyana dollar.

With the emergence of several internet shopping businesses and the growing trend in online purchasing, shoppers using Visa debit or credit cards will notice that the buying rate of exchange per U.S. dollar can range from $211 to $215.

When using bank drafts, the selling rate ranges from $209 to $213 and for some commercial banks this is dependent on the amounts on the drafts.

At Republic Bank, Stabroek News was told that for drafts up to US$2000 the selling rate is calculated at $209 to US$1. However, as the amounts increase so does the selling rate to $209.50.

Customers using their Republic Bank Visa cards will be charged $211 dollars per US$1.

At the same time, walk-in customers seeking local currency for their United States dollar notes will be given a rate of $200 to $1, while those buying would be sold at $209 to $1.

A customer service representative pointed out that rates are changed daily and have many determinants.

Over at the Guyana Bank for Trade and Industry (GBTI), US notes were being bought for $200 and sold for $209. However, the bank charged $213 to $1USD for both bank drafts and Visa card purchases.

It is unclear when the bank draft rates went up since last Friday the rate was $210 to $1.

Scotia Bank also bought notes at $200 to US$1 and sold at $209 to US$1. When using their MasterCard or Visa cards for transactions, a charge of $213 to US$1 is calculated.

Money remittance services representatives were quick to point out that while they charge $204 to $206 when sending United States dollars, there is also a transaction charge incurred and this is determined by the amounts being sent.

However, at cambios in the capital US dollars were being bought between $200 and $204 and sold at $207 to $208.

Up to press time, the Bank of Guyana rates on its website showed that it was buying at $205.49 for US$1 and selling at $207.93 for US$1.