By Jomo Paul
[www.inewsguyana.com] – There is no shortage of foreign currency at local banking institutions; as a matter of fact there is a glut, according to Vice Chairman of the Private Sector Commission (PSC), Edward Boyer.
This comes after reports surfaced that Guyana’s banks were running low on foreign currency and was unable to support the local demand.
However, Boyer, in an invited comment, told iNews that persons circulating such vicious rumors are bound to create problems for Guyana. The PSC official reported that for the past couple of days, local banks have been calling and offering him foreign currency, hence the claim of a shortage is spurious.
“There is no shortage of currency….we are not experiencing no shortages – the banks have money,” said Boyer.
He stated too that from time to time, one bank in particular may not have foreign currency because it is sold out and according to the Vice Chairman, there is nothing alarming about that situation.
One local businessman had taken to social media to vent his frustration over the lack of foreign currency.
He stated that “the commercial banks are running low on US currency. Wake up government, we’re about to hit rock bottom,” adding that such were dangerous signs.
Last Friday, Opposition Leader, Bharrat Jagdeo expressed his fear that Guyana could be heading for a major financial crisis even before hitting an economic crisis.
The PPP Leader had said he has “major concerns about the economy and it grinding to a halt.”
He said this is not just reflected in the country’s growth rate but in the loss of income and jobs. “My fear is that we may have several financial crisis long before we have an economic crisis, particularly with the currency and with our banking system,” Jagdeo told reporters.