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THE Bank of Guyana has advised that only banks (authorised dealers) and non-bank cambios licensed under the Dealers in Foreign Currency (Licensing) Act 1989 are authorised to conduct buying and selling of foreign exchange.
In a statement the Central Bank said, the Dealers in Foreign Currency Act (Licensing) Act 1989 states that foreign currency can only be bought and sold from a licensed authorised dealer.
Section 17(1) of the Act states that “any person who sells to any person other than a licensee or authorised dealer any foreign currency, shall be liable on summary conviction to a fine and imprisonment for one year”. Section 17(2) states that “any person not being an authorised dealer who buys or sells any foreign currency, shall be liable on summary conviction to a fine and imprisonment for three years”.
Bank of Guyana notes with concern that foreign exchange activities are being conducted outside of the official legal system, and emphasises that any person caught contravening the Dealers in Foreign Currency (Licensing) Act 1989 will be prosecuted.
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1 thought on “Central Bank warns against illegal money changers”
Guyana is open for business. If a tourist or potential investor choose to pay for an item in foreign currency at the day’s exchange rate, what difference does it make. I really don’t see how paying for an item in another currency is buying and selling