Amid continuing complaints by businessmen about a shortage of foreign currency, the Bank of Guyana (BoG) today said that as of April 15, 2024, there was US$52m in the banking system and there was an adequate supply of US dollars to meet demand.
In an advertisement in today’s Guyana Chronicle, the BoG said that while available funds are not evenly shared among the banks and there may be a short waiting period for the transfer of funds “there is enough to cover the cash flow needs of transactions arising from businesses in Guyana”.
The advertisement said that the BoG has also been injecting US dollars into the banking system and will continue to do so as necessary.
“The BoG would like to reiterate that the banking system with an average monthly turnover in excess of USD500 million, has an adequate supply of US dollars to meet demand”, the advertisement said.
The BoG said that it is aware that some businesses are seeking funds to meet the same payments from more than one institution and “there is a speculative queue for foreign currency because of a perception that there is a shortage of foreign currency”.
Additionally, it said that there is some hesitancy by commercial banks to tender invoices as required by the BoG which is used to monitor the legitimate use of funds.
“Cash flowing to the banks is cyclical, as such there will be periods of excess liquidity and periods of limited supply. The Bank continues to monitor the foreign currency position in Guyana to ensure there is no disruption nor adverse impact on economic activities”, the advertisement said.
