Guyana’s Foreign Exchange Market gets US$100Mn

• Vice-President of Guyana, Dr Bharrat Jagdeo and Finance Minister Dr Ashni Singh, along with Central Bank Governor, Dr Gobind Ganga, on Monday April 7, 2025, met with the Chief Executive Officers and other representatives of commercial banks to discuss recent developments in the banking system, specifically concerning the market for foreign exchange.
• According to a press release, at the meeting, authorities noted the continued availability of adequate levels of foreign currency in the financial system as a whole to meet ongoing demand, despite occasional timing differences. These timing differences have resulted in some delays being encountered in the settlement of orders for foreign currency from time to time at some commercial banks.
• To ensure that pending requests for foreign currency are met on time, the decision was taken that a sum of US$100Mn will be injected into the market and distributed across all commercial banks.
• The injection is expected to provide immediate relief to the system in meeting the pending demand for foreign currency, while the temporary timing mismatches unwind themselves.
• Meanwhile, the government of Guayana remains closely engaged with the private sector, including the commercial banks, in the interest of ensuring that the market continues to function efficiently.

(Source: Guyana Chronicle)