Rising US exchange rate due to unavailability of dollar note – BOG tells PSC

The Private Sector Commission (PSC) says it was advised by the Governor of the Bank of Guyana Dr Gobin Ganga that the rising exchange rate of the United States Dollar is “mostly due to the unavailability of U.S dollar notes.”

A press release from the PSC on Friday noted that the Commission met with Dr Ganga and expressed concerns about the issue and the “potential negative impact on the business community and the economy.”

“The meeting was a constructive engagement. The PSC was briefed on the situation and the mitigating measures being taken by the Bank of Guyana.”

The PSC said that the rising exchange rate is not due to access to US currency to facilitate transactions such as payment for USD debit/credit cards and wire transfers.

The Bank of Guyana assured the PSC that it is pursuing prudent measures to ensure exchange rate stability.