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12/4/2018 US dollar decline in 2016: IDB Report – Kaieteur News

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US dollar decline in 2016: IDB Report

 Apr 05, 2017  News 1 Comment

– Central Bank insists otherwise

When Kaieteur News initially reported last year about a decline in US currency, the government

responded with outright rejection. However,

GAPLF Senior Nationals 2018 –
the first quarter of the new year is already over
and the issue of a foreign currency shortage
Staggering 28 Records Set Vijai
still lingers. Rahim...
 Dec 04, 2018
While the government continues to hold on to
By Franklin Wilson The 2018 season of the Guyana
its reservations, a report prepared by the Inter-
Amateur Powerlifting Federation (GAPLF) wrapped
American Development Bank (IDB) states that
up in grand style on Sunday afternoon last when
last year indeed marked a decline in US
Runica White, a Buddys Gym member became the
The Caribbean Region Quarterly Bulletin 2017
report, which is on the IDB website, says that
Read More
the Bank of Guyana (BOG) implemented a
series of policy measures to restrict hard V and V Variety store
currency demand to address shortages in the backs Hunte Dominoes...
Central Bank Governor, Dr. Gobind Ganga
domestic market. It noted that on February 2,  Dec 04, 2018
2017, BOG issued a cabinet certified directive
to licensed currency dealers, which includes commercial banks and non-bank cambios, to limit the
spread between the buying and selling rate for the US dollar to no more than $3 while instructing
commercial banks to restrict credit card purchases in foreign currency to non-business purchases. Titans Table Tennis Club
The report said that authorities claimed the measures would improve the efficiency, depth, and to close off 2018 with...
 Dec 04, 2018
liquidity of the foreign exchange markets. It added, “The inflow of US dollars has declined in 2016
due to drops in non-gold export sectors, lower remittances, and less FDI (Foreign Direct Investment)
compared to previous years, while demand for dollars has remained steady or possibly grown,
resulting in a shortage.”
RHTYSC Cricket Teams
The report also stated that monetary authorities attempt to manage inflationary expectations by to host 4th Annual
anchoring the exchange rate through frequent sterilization exercises. Christmas...
Even though the IDB in its special report makes such an observation, Central Bank Governor, Dr.  Dec 04, 2018
Gobind Ganga is insisting otherwise. In a brief interview with this newspaper yesterday, Dr. Ganga
said that he disagreed with the information, while noting that reserves for last year, in fact, saw an
increase. Education Department
Region Four and
The Central Bank head said that he has the figures to prove School...
 Dec 04, 2018
otherwise. He said that reserves at the Bank of Guyana
have improved from approximately US$598M at the end of
2015 to about US$625M at the end of 2016, representing
Johnson’s return to
an increase of US$27M.
Windies team is in his...
Furthermore, Dr. Gobind Ganga and Minister of Finance,  Dec 04, 2018
Winston Jordan, have been adamant that there is no
foreign currency shortage problem in Guyana.
Minister Jordan had said, “When you consider the holdings
by commercial banks, foreign reserves have also increased
in the system from approximately US$955M at the end of Features/Columnists
2015 to US$1.042B at present.”
“Therefore, there is no shortage of foreign exchange, Macron: People will always reject
consequently, there is no foreign exchange crisis looming,
and no need for the currency to depreciate. The Bank of deceitful government
Guyana will take all necessary actions to protect the Finance Minister, Winston Jordan
currency and to protect the reserves at the Bank of

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12/4/2018 US dollar decline in 2016: IDB Report – Kaieteur News
Guyana.” Guyana has its Macron. He is Moses
Finance Minister said that there is “lots of foreign currency” in the commercial banks, but what Nagamootoo. President Macron of  FOLLO
they should be doing is stop hoarding and “sell the people” at the regular rates. France probably doesn’t know about
Dr. Ganga concurred with Minister Jordan that there was no reason for concern. He said that Nagamootoo in Guyana.... more
commercial banks have increased their foreign exchange holdings. The Central Bank Governor said
that in 2015, they had a gross holding of US$357M, as of September 2016 it was US$388.4M.
The Ethnic Relations Commission
With regard to the issue of difficulties of remitting monies, Dr. Ganga dismissed the assertion and
assured that there is no problem, and confirmed that all commercial banks in Guyana have at least should audit public service
one corresponding international bank.
Additionally, a prominent official at Central Bank confirmed with Kaieteur News that while some
banks may be saying to their customers that there is a scarcity, none have approached Central Bank The Chairperson of the People’s
for money or have since reported a problem. National Congress Reform and
The official said, “They can say what they want to say, but the bottom line is that Central Bank has to Minister of Health, Volda Lawrence,
ensure foreign currency is being sold to people who are actual traders and are transacting business, has apologized... more
and the foreign currency is for payment for goods and services.”
The financial analyst added, “The banks are saying all sorts of things. Demerara Bank has not come
into us and they have enough money. Republic Bank is coming in and saying all sorts of things, yet CARICOM MUST BE ACTIVE ON
they can’t say who the people really demanding foreign currencies are.” HAITI
Kaieteur News understands that Central Bank is currently looking into reports that some exporters
are buying the foreign currency here and are selling it directly to Trinidadian companies. By Sir Ronald Sanders Haiti continues
The Banking official said too that the banks have close to US$400M in the system. to be an unsettled country politically.
“With that in mind, there is a question to be asked, if there is a demand in the system, why can’t they Demonstrations against successive
use the money to meet the demands? But they are trying to put pressure on those people so they governments... more
can say its central bank, but we have nothing to do with it,” the official said.

Volda Lawrence merely made public

what others do

Volda Lawrence is the Chairperson of

the People’s National Congress. She
defeated the likes of Joseph Harmon
and the incumbent,... more

Share this:
‘Us’ versus ‘them’, constitutional
           reform & shared governance

Talks of constitutional reform and

shared governance are doing the
Related rounds again, in what have become
sporadic and less than... more
Foreign currency stabilized US$ transactions accounts Local banks repeat foreign
May 10, 2017 for 94 percent of overall currency shortage claims
In "News" market activity January 12, 2017 Minister Lawrence’s rhetoric is a
June 23, 2017 In "News"
recipe for losing in 2020
In "News"
First, Minister Lawrence’s comments
must be contextualized. They come in
the wake of the massive defeat of the
Tweet Share Save PNC at... more

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Surujpaul Rampersaud • 2 years ago

> Berbice Bridge […]
Citizens always accept honest declarations by their government. However, people
are not fools and know when their government is not giving facts. My advice is that
government should come clean.
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