THE Bank of Guyana has assured the Chamber of Commerce and Industry (GCCI) that there is no shortage foreign currency and produced evidence which suggests that the foreign reserves of the commercial banks and the Central Bank remain relatively unchanged.This is according to a press release issued by the Chamber on Thursday.
The GCCI said this assurance was given by the Central Bank when the GCCI’s Executive Management Committee (EMC) met with senior representatives of the Bank of Guyana on Monday, January 16, 2017, to discuss concerns raised by some of its members regarding difficulties with local banks processing overseas transactions.
“During the meeting,” the release said, “both parties shared their views on the matter, especially as it relates to conflicting reports that were seen in the media.
“The Bank of Guyana assured the Chamber that there is no shortage of foreign currency and produced evidence which suggests that the foreign reserves of the commercial banks and the Central Bank remain relatively unchanged,” the release said.
The GCCI said the Bank of Guyana stated [expressed concern] that information being circulated by the media is “destabilizing speculation” which can impact demand, but added that it is monitoring the situation and will intervene if necessary.
The release concluded: “Based on discussion with the Bank of Guyana, the Chamber recommends that businesses consider the option of looking to other banks and cambios for foreign currency. Any difficulties faced when processing financial transactions can be reported to [the] GCCI or the Bank of Guyana directly.”