Authorities looking into the legality of G$250 to US$1 airline exchange rate

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Bank of Guyana Governor, Dr Gobind Ganga says authorities are looking into the legality of the reported high exchange rate being charged by local carrier, Dynamic International Airways.

Dr Ganga, who could not definitively pronounce on whether the practice is illegal said he would investigate it as it was his belief that the “IATA (International Air Transport Association) uses the Central Bank rate …when they (are) quoting prices.”

The Central Bank Governor gave this response on yesterday (Friday, March 24, 2017) to a question on Dynamic Airways alleged exchange rate of G$250 to US$1.

However, Roraima Airways the local partner for Dynamic in a statement today (Saturday, March 25, 2017) says it is accepting payment for airline tickets and related services in Guyana dollars “at the exchange rate applicable on the day of the transaction, mutually agreed upon and subject to the availability of US currency.”

Roraima adds that it has also been in talks with “Dynamic and the airline is committed to maintaining its competitive airfares of 579 USD which are currently the lowest offered on the Guyana/New York route.”

During the last quarter of last year several sections of society including the members of the business community raised concerns about the availability of foreign currency but Government and the Bank of Guyana maintained that based on their reserves there was no shortage.

These concerns continued into this year with the Guyana Manufacturing and Services Association this week calling out Government and the Central Bank to take steps to address the exchange rate which it had determined to be at G$230 to US$1.

Government and the Bank of Guyana have since explained that the G$230 to US$1 rate is not a uniformed transaction rate but “is the online rate charged by one of the largest commercial banks in Guyana for its credit and debit card transactions.”

However, since this statement, Finance Minister, Wisnton Jordan and Dr Ganga have met with the Guyana Association of Bankers to discuss various issues including foreign exchange and they have agreed to meet in the new week, in the first of many meetings to iron out matters within the Banking sector.

 

 

 

 

 

 

 

are being Roraima Airways is advising the general public that it is accepting payment in Guyana dollars for airline tickets and related services at the exchange rate applicable on the day of the transaction, mutually agreed upon and subject to the availability of US currency. This includes tickets bought for travel on Dynamic International Airways. Roraima Airways also wishes to advise that travel agents remitting payments for tickets sold on Dynamic are encouraged to remit these payments in United States dollars since these agents might have access to United States dollars at competitive exchange rates. However, Roraima will accept remittances from travel agents in Guyana dollars at a mutually agreed exchange rate to the US dollar and subject to the availability of US currency in the banking system.exchange rate being charged by local carrier, Dynamic Airways to determine its legalitFollowing reports that local carrier, Dynamic Airways was charging customers a rate of

 

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