THE Private Sector Commission (PSC), in association with the Guyana Association of Bankers Incorporated, on Monday held cordial discussions with Governor of the Bank of Guyana, Dr. Gobind Ganga regarding the ongoing challenges faced by local companies in accessing foreign exchange.

According to a press release from the PSC, stakeholders agreed that despite there being a shortage of foreign currency at some banks, there is no overall shortage of foreign exchange in Guyana, given that the aggregate supply of foreign exchange is meeting the aggregate demand, and, therefore, the market remains in equilibrium.

The Governor of the Bank confirmed that while there is an intra-bank market which enables banks to share, the Central Bank must rely on moral persuasion in an effort to achieve a more efficient distribution of foreign currency availability, while emphasising the fact that it is the responsibility of the Central Bank to ensure that the government meets its macro-economic objectives.

The PSC, the Bankers’ Association and the Bank of Guyana have all agreed to address the issues raised and promised to collaborate and work together for the benefit of all concerned.