Dear Editor
REFERENCE is made to “Currency crackdown: Central Bank zeroes in on Cambio businesses trading in USD” in the Guyana Chronicle, dated July 22, 2018.

It would seem that there are some elements within the private sector who believe it is their right to dictate to the state authorities on how to conduct the business of the state; and that they covet this right because of their known traditional value and importance to the national economy.

The problem with this belief of pre-eminence, is that it stems from the over two decades of functioning in a state in which there were no adherence to the rule of law, as the latter became subservient to many within the sector, making fat profits at all costs; being granted concessions and waivers, the latter which were fraudulently requested in many instances, and not used as intended and of course, not paying their fair share of taxes, in many instances.

Even if the entire economy was being kept afloat by the Cubans, as the franchise holder views the presence of Cuban traders, it is still no reason for there to be transgressions/shunting aside/ignoring the country’s laws as they pertain to the trade of foreign currency. And it is a red herring for him, and by extension the Georgetown Chamber of Commerce & Industry (GCCI) boss to raise the weak defence of persons with large sums of monies being robbed when they enter/exit Cambios. They are at the same exposure/risks as other citizens.

Both these private sector personalities should explain the posting of a notice displaying exchange rates on the premises of a Chinese store, when they are not an authorised/licensed agency, and is in contravention of the Dealers in Foreign Currency (Licensing) Act, 1989.

As an aside, it is good to read that the franchise holder is saying that the economy had been slowing down since 2014, and not after May 2015, as most of his fellow businessmen have been dishonestly contending, in order to blame the coalition government. Why did he not go public with such a fact earlier? The fact that he did not, immediately informs of the pervasive plot to embarrass the coalition government, as to the latter being responsible. It was a Bharrat Jagdeo narrative, dishonest in every way, which refrain was then sung by the political elements within the private sector. It was well orchestrated.

No country is ever going to permit this serious infringement of its currency laws. This is outright lawlessness, and a violation of the financial laws; and this must not be; not for the sake/thanks of foreigners who come to do business. To do so, can only lead to a distortion of the legitimate mechanism for the tracking, and management of the nation’s foreign exchange flow.

Also, from the statements alluded to him, the GCIC chairman appears to have axes to grind with some sectors; be it as it may, it is still no reason for his advocating the financial control laws being throttled or set aside because of ‘’being grateful’’ to the foreigners who bring business to Guyana, even if “locals are benefitting significantly”, as he contended. Even if the Bank of Guyana might have applied “suasion”, from all appearances the laws are still being ignored. It is time to act, lest bigger problems emerge. Finance Minister Winston Jordan is absolutely correct: “The law is the law and we should be enforcing the law”. It should be applied before it is too late.

Regards
Earl Hamilton