No shortage of foreign currency at Banks – PSC Vice Chairman

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By Jomo Paul

Vice Chairman of the Private Sector Commission (PSC), Edward Boyer.
Vice Chairman of the Private Sector Commission (PSC), Edward Boyer.

[www.inewsguyana.com] – There is no shortage of foreign currency at local banking institutionsas 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.

4 COMMENTS

  1. Slashing Amerindian funds, voting against the hydro falls, the airport expansion, the promise of $9000 to the rice farmers for paddy, voting against the anti money laundering bill, etc etc etc…. Who’s doings were those?

  2. Jagdeo and his cohorts trying desperately to sabotage the new government. They are getting more and more desperate. Is it a coincidence that less than a week after Jagdeo’s utterances a local businessman would make such a statement in the public? Judge for yourselves.

  3. All this is Jaggy’s doings……..encourage rice farmers to “rest” rice lands next crop; prod Komald to work his magic in the Sugar Estates; undermine the administration by publicly second guessing their handling of the Venezuelan’s.
    His stated objective…..to regain the Presidency.
    David had better wake up with his “inclusive “Government until the PPP democratically elects leaders with a National perspective. …….Hopefully , before “fowl cock get teeth”!

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