BoG’s stable exchange rates ‘masks short-lived instability’

-Mid-Year report

The stable exchange rate recorded by the Bank of Guyana over the period January to June, 2017, “masks the reality of a short-lived period of exchange rate instability,” the Ministry of Finance has said.

According to the recently released 2017 Mid-Year report, the Bank of Guyana’s exchange rate between the Guyana dollar and United States dollar remained at G$206.5 per US$1, the same as the previous year, due mainly to net purchases of foreign exchange to market.

“The apparent stability of the Bank of Guyana’s reported rates masks the reality of a short-lived period of exchange rate instability,” it said, while adding that commercial banks’ mid-rate for the US dollar was 5.3 percent higher over the same period…..

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