GEORGETOWN, Guyana, CMC—The Guyana government says the Bank of Guyana will inject US$100 million into the market immediately and distribute it across all commercial banks following “recent developments in the banking system specifically about the market for foreign exchange.”
A statement issued by the Ministry of Finance said the decision was taken on Monday following discussions between Vice-President Bharrat Jagdeo, Finance Minister Dr. Ashni Singh, and the Central Bank Governor, Dr. Gobind Ganga.
“At the meeting, note was taken of the continued availability of adequate levels of foreign currency in the financial system to meet ongoing demand, despite occasional timing differences.
“These timing differences have resulted in some delays being encountered in the settlement of orders for foreign currency from time to time at some commercial banks,” the statement said.
It said that “to ensure that pending requests for foreign currency are met promptly, US$100 million will be injected into the market with immediate effect and distributed across all commercial banks.
“This injection will provide immediate relief to the system in meeting pending demand for foreign currency while the temporary timing mismatches unwind themselves,” the statement said.
It said that the government remains closely engaged with the private sector, including the commercial banks, to ensure the market functions efficiently.
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