The current influx of United States dollars and lower demand for the currency is the reason the Guyana dollar is holding at a steady exchange rate of US$1 to $200, and not that there is an appreciation, Central Bank Governor Gobind Ganga says.
It is also why bank and wire transactions still attract exchange rates from $215 to $217 per US$1, and the governor doesn’t foresee the spread decreasing anytime soon, given the cost that comes with having to ship foreign currency back overseas.
But compared with state and commercial banks in the region, Guyana’s spread on foreign bank and wire transfers is the highest, even with Barbados’ Foreign Exchange Fee attached.
