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December 8,2016 Source

Until further notice, the Bank of Guyana will no longer be buying Trinidad and Barbados currency from cambios, a decision taken in the aim of stabilizing the foreign exchange market.

“We have temporarily stopped buying Trinidad and Tobago as well as Barbadian currency from cambios,” Governor of the Bank of Guyana Gobind Ganga told a press conference yesterday.

Gobind Ganga

“However, individuals can still come to the central bank with legitimate transactions for these currencies,” he was quick to add.

The Bank of Guyana Governor explained that the press conference was called in the wake of reports from the Kaieteur News that there was a shortage of foreign currency here.

He explained that there was no chronic shortage of United States dollars as it was “a temporary situation” which he believed was “being sensationalized.”

Ganga posited, “We have dealt with situations where we have …intermittent shortages or seasonal shortages of foreign exchange in the financial system. We are currently working with the commercial banks to ensure that there is adequate amounts of foreign currency to meet legitimate demand.”

He pointed out that the Bank of Guyana as at today conducted a market analysis, which substantiates his stance that there should be no panic. “… Immediate demand is at a maximum of about $6 million. This has moved from a working bank balance, excluding commitment, from US$10.7 million on Monday …requests for foreign currency at that time was almost nothing. They had a surplus of $8.3 million,” he said.

“After this story would have broken, we would have had a number of requests, and as a result, you would find that not all of these requests would have been legitimate demands. We had requested from the commercial banks invoices for this demand and all you would have seen is some letters,” he added.

Replies sorted oldest to newest

Nehru posted:

Lad Ah Mercy!! Wha dem JACKASSES done to dat Country already!!!

yuh ah wan real idoit. dem ada countries deh suh bad that dem ah come to Guyana for relief.

BTW I know a few people from TT who goes to guyana to buy US$ because there is a severe shortage of US$ in TT.

Pointblank

Bank of Guyana suspends buying TT, Barbados currencies from cambios

 

Governor of the Bank of Guyana, Dr. Gobind Ganga.

The Bank of Guyana on Thursday announced that it has temporarily stopped buying Barbados, and Trinidad and Tobago dollars from cambios as part of efforts to stem increased demand for United States (US) dollars.

He said there was evidence shows that persons have been coming from Barbados, and Trinidad and Tobago to buy American dollars, resulting in a decision by the Bank of Guyana to stop buying those countries’ currencies from cambios. “We have temporarily stopped buying Trinidad and Tobago as well as Barbadian currency from cambios. However, individuals can still come to the Central Bank with legitimate transactions for these currencies,” he said.

Latest figures show that there were BDS$8 million circulating in Guyana in 2014 to about BDS$13 million currently and  from TT$9.1 million in 2014 to TT$38 million at the moment. The economic downturn in Trinidad and Tobago, Barbados and Suriname has led to severe foreign currency shortages in those countries.

Pointblank

Nothing can stop these PNC Ko Ko Beah's from destroying Guyana.

Line up for foreign currency today. Lines for Gas and Food will be happening tomorrow.

What a bunch of idiots running Guyana !

FM

If these people from Barbados and Trinidad cannot buy US dollars from the Bank of Guyana guess where they would check next?  Don't you think they would go to the local dealers and bid up the rates??  If there is no crisis then why has it come to the attention of the nation and the governor of the bank is forced to say that the Bank of Guyana will stop accepting TT and Bajan dollars for business??  Come on kids!  Use your brains.

Billy Ram Balgobin
Billy Ram Balgobin posted:

If these people from Barbados and Trinidad cannot buy US dollars from the Bank of Guyana guess where they would check next?  Don't you think they would go to the local dealers and bid up the rates??  If there is no crisis then why has it come to the attention of the nation and the governor of the bank is forced to say that the Bank of Guyana will stop accepting TT and Bajan dollars for business??  Come on kids!  Use your brains.

Dem brain cells tool old to get the facts.

FM
yuji22 posted:
Billy Ram Balgobin posted:

If these people from Barbados and Trinidad cannot buy US dollars from the Bank of Guyana guess where they would check next?  Don't you think they would go to the local dealers and bid up the rates??  If there is no crisis then why has it come to the attention of the nation and the governor of the bank is forced to say that the Bank of Guyana will stop accepting TT and Bajan dollars for business??  Come on kids!  Use your brains.

Dem brain cells tool old to get the facts.

Yuji22,

The feedback we are getting from Guyanese arriving in New York and Toronto is not positive about the economic situation.  There is no starvation and lining up for food items as was the case in Burnham's time, but they are complaining that business is slowing down and the government is getting more greedy for taxes. Even though they are collecting more taxes the number of people without jobs keeps growing. 

Billy Ram Balgobin
Billy Ram Balgobin posted:
yuji22 posted:

Dem brain cells tool old to get the facts.

Yuji22,

The feedback we are getting from Guyanese arriving in New York and Toronto is not positive about the economic situation.  There is no starvation and lining up for food items as was the case in Burnham's time, but they are complaining that business is slowing down and the government is getting more greedy for taxes. Even though they are collecting more taxes the number of people without jobs keeps growing. 

Everyone coming from Guyana are negative, even Blacks!

FM

The team that is running this country is not impressive. Let's take a quick look at a few of them:

1) Granger - A controversial army officer with nothing on his resume' to suggest he can make a difference in business or bringing unity amongst people

2) Winston Jordan - an unimpressive unknown.

3) Moses Nagamotoo - An indoctrinated Cuban ideologue and a fly by night barrister.  Being a party organizer for the PPP has been his greatest accomplishment.  Nothing more. Nothing less.

4) Carl Greendige - highly educated but a dismal track record with the Burnham and Hoyte administrations. 

5) Amna Ally - A repulsive and bold female attorney whose attitude towards East Indian is bullying in every sense of the word.  She has not talent when it comes to reforming or reviving any institution in Guyana. 

6) Cathy Hughes - A woman who was involved in the Amelia project which was a conflict of interest.  She like others is yet to impress us with her work.

 

 

Billy Ram Balgobin
Pointblank posted:
Nehru posted:

Lad Ah Mercy!! Wha dem JACKASSES done to dat Country already!!!

yuh ah wan real idoit. dem ada countries deh suh bad that dem ah come to Guyana for relief.

BTW I know a few people from TT who goes to guyana to buy US$ because there is a severe shortage of US$ in TT.

Here comes the expert in monetary policy.  If are Trini and you want to buy US currency then you go to Guyana.  Has anyone ever heard such nonsense before?

Bibi Haniffa
Django posted:

You wishing for that to happen,then you will jump up and down saying I told you so.

Of course.  We all told you so.  But you wanted to see the end of Jagdeo so tek what you get and wait for what you want. 

Bibi Haniffa
Billy Ram Balgobin posted:

The team that is running this country is not impressive. Let's take a quick look at a few of them:

1) Granger - A controversial army officer with nothing on his resume' to suggest he can make a difference in business or bringing unity amongst people

2) Winston Jordan - an unimpressive unknown.

3) Moses Nagamotoo - An indoctrinated Cuban ideologue and a fly by night barrister.  Being a party organizer for the PPP has been his greatest accomplishment.  Nothing more. Nothing less.

4) Carl Greendige - highly educated but a dismal track record with the Burnham and Hoyte administrations. 

5) Amna Ally - A repulsive and bold female attorney whose attitude towards East Indian is bullying in every sense of the word.  She has not talent when it comes to reforming or reviving any institution in Guyana. 

6) Cathy Hughes - A woman who was involved in the Amelia project which was a conflict of interest.  She like others is yet to impress us with her work.

 

 

Nice list of low skilled, no talent people.  Amna Ally is an attorney??? No freaking waaaaaaaay!!!!!!!!

Bibi Haniffa
Pointblank posted:

Bank of Guyana suspends buying TT, Barbados currencies from cambios

 

Governor of the Bank of Guyana, Dr. Gobind Ganga.

..

Latest figures show that there were BDS$8 million circulating in Guyana in 2014 to about BDS$13 million currently and  from TT$9.1 million in 2014 to TT$38 million at the moment. The economic downturn in Trinidad and Tobago, Barbados and Suriname has led to severe foreign currency shortages in those countries.

Now why would there be such an increase in these currencies?  Did Guyana suddenly start exporting dramatically more?  Or are currency controls in these countries leading them to try it Guyana where controls seem to be less rigorous.

FM
Bibi Haniffa posted:
Billy Ram Balgobin posted:

.

2) Winston Jordan - an unimpressive unknown.

3) Moses Nagamotoo - An indoctrinated Cuban ideologue and a fly by night barrister.  Being a party organizer for the PPP has been his greatest accomplishment.  Nothing more. Nothing less.

4)..

 

 

Nice list of low skilled, no talent people.  Amna Ally is an attorney??? No freaking waaaaaaaay!!!!!!!!

As an indoctrinated communist trained ideologue Nagamootoo is just a typical PPP man. 

.Nothing is wrong with Jordan. He is an accountant and behaves like one.  Accountants simply focus on balancing budgets and he appears to have impressed the IMF and the World Bank.  It is the role of others within the gov't to have a big picture vision and ideas to move Guyana from the WWII economy that the PPP left it in, exporting raw sugar, tree branches and rocks.

He worked at various positions within the Ministry of Finance in the 90s and up to 20009 before moving on to a position at a global analytic unit (EIU).

I suggest that the PPP frauds admit that what he learned about budgets he got from working at the Ministry of Finance during the PPP era.

FM
caribny posted:
Pointblank posted:

Bank of Guyana suspends buying TT, Barbados currencies from cambios

 

Governor of the Bank of Guyana, Dr. Gobind Ganga.

..

Latest figures show that there were BDS$8 million circulating in Guyana in 2014 to about BDS$13 million currently and  from TT$9.1 million in 2014 to TT$38 million at the moment. The economic downturn in Trinidad and Tobago, Barbados and Suriname has led to severe foreign currency shortages in those countries.

Now why would there be such an increase in these currencies?  Did Guyana suddenly start exporting dramatically more?  Or are currency controls in these countries leading them to try it Guyana where controls seem to be less rigorous.

Don't be daft man,  with the reduction in exports and remittance invariabley there will be a reduction in foreign currency. The jackass you supported into power have stifiled investements in the country as Indos flee with their us dollars. Now these creeps trying to squeeze the Indos living there with outrageous vat increases to balance their budget. Typical afro runnings, spend today and let tomorrow take care of itself. Tomorrow has arrived. 

FM
Drugb posted:
.

Don't be daft man,  with the reduction in exports and remittance invariabley there will be a reduction in foreign currency.. 

So why more TT$ in Guyana?  I mean the Guyanese in Trinidad must be suffering now that the upper middle class ladies can no longer afford landscapers and maids.

The Indos fleeing certainly aren't with dollars.  I thought you said that there were no dollars in Guyana?  If the GYD is junk who will buy it from them outside of Guyana? 

FM
caribny posted:
Bibi Haniffa posted:
Billy Ram Balgobin posted:

.

2) Winston Jordan - an unimpressive unknown.

3) Moses Nagamotoo - An indoctrinated Cuban ideologue and a fly by night barrister.  Being a party organizer for the PPP has been his greatest accomplishment.  Nothing more. Nothing less.

4)..

 

 

Nice list of low skilled, no talent people.  Amna Ally is an attorney??? No freaking waaaaaaaay!!!!!!!!

As an indoctrinated communist trained ideologue Nagamootoo is just a typical PPP man. 

.Nothing is wrong with Jordan. He is an accountant and behaves like one.  Accountants simply focus on balancing budgets and he appears to have impressed the IMF and the World Bank.  It is the role of others within the gov't to have a big picture vision and ideas to move Guyana from the WWII economy that the PPP left it in, exporting raw sugar, tree branches and rocks.

He worked at various positions within the Ministry of Finance in the 90s and up to 20009 before moving on to a position at a global analytic unit (EIU).

I suggest that the PPP frauds admit that what he learned about budgets he got from working at the Ministry of Finance during the PPP era.

Jagdeo just rip up you boy Jordan to pieces in Parliament. 

Bibi Haniffa
Bibi Haniffa posted:
.

Jagdeo just rip up you boy Jordan to pieces in Parliament. 

Jagdeo is like Trump. He tosses red meat to illiterate racists whose main goal is to hate blacks.

Why doesn't Jagdeo explain the mess that the PPP made of rice and sugar?  BEFORE the election rice farmers were protesting against the PPP and some even threatening not to vote for them.  Farmers protesting that the millers weren't paying them.

FM

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