Minister of Finance Winston Jordan yesterday said that an investigation has been launched into why some cambios in the city have significantly increased their selling rates for the United States dollar when there is no shortage in the banking system.
“I can tell you we have adequate reserves. We have almost US$530 million in the banking system. The reserves are nearly US$500 million as at the end of August. The commercial [banks] do have a lot of cash. There is absolutely no question about it,” Jordan told Stabroek News yesterday.
“I haven’t heard a great outcry in the commercial banking system as I am hearing at the commercial non-bank cambios. I am being given to understand that it is at a certain, just one or two of the cambios, that have caused this problem. Our investigation is leading into a certain direction,” he added.
