Former President Bharrat Jagdeo on Friday warned Guyanese businessmen that issues surrounding the country’s exchange rate are likely to get progressively worse with the cost of US$1 likely to reach as high as $250 or $300.
Delivering the feature address, at the first in a series of planned engagements organised by the Guyana Manufacturing and Services Association (GMSA), Jagdeo said that he does not see Guyana sustaining its balance of payments (BOP) in the long term.
He supported this position by citing a lack of Foreign Direct Investment (FDI) and increased domestic spending which he said has created an increase in the demand for foreign currency that has placed pressure on the local exchange rate.
These realities are compounded by a lack of a clear economic plan from the present government.
