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FM
Former Member

Ministry probing price hikes by some city cambios for USD notes

By Stabroek News On October 10, 2019 In Guyana News |

https://www.stabroeknews.com/2...mbios-for-usd-notes/

Winston Jordan

Winston Jordan

 Minister of Finance Winston Jordan yesterday said that an investigation has been launched into why some cambios in the city have significantly increased their selling rates for the United States dollar when there is no shortage in the banking system.

“I can tell you we have adequate reserves. We have almost US$530 million in the banking system. The reserves are nearly US$500 million as at the end of August. The commercial [banks] do have a lot of cash. There is absolutely no question about it,” Jordan told Stabroek News yesterday.

“I haven’t heard a great outcry in the commercial banking system as I am hearing at the commercial non-bank cambios. I am being given to understand that it is at a certain, just one or two of the cambios, that have caused this problem. Our investigation is leading into a certain direction,” he added.

Some popular cambios in the city indicate one buying and selling rate on their notice boards but when a customer attempts to do a transaction, they are told a different rate. At some cambios yesterday, their notice boards stated that the US dollar was being purchased by the cambio for G$213 and was being sold at G$216 but their cashiers informed that the US$20 note was being purchased by the cambio for $215 and was being sold at $220. For the US$50 or US$100 notes, the buying rate remained the same but these notes were being sold by the cambio at a rate of G$225 to US$1.

Checks at Republic Bank and the Guyana Bank for Trade and Industry revealed that US dollars were available for purchase.

Bank of Guyana Governor Gobin Ganga also told Stabroek News that there is enough US dollars at the banks if persons needed to purchase. “There is enough money in the banks [and it can be purchased] at G$215 or G$216 [for US$1]. The rate remains stable,” he said.

“We put in almost US$6 million for the year,” he added, while explaining that it was enough to meet demands.

One banking analyst questioned the need for purchasing at cambios when the banks had the foreign cash easily available for those with legitimate needs. “All who need money for legitimate purposes can go to the bank. It makes you question, why, when people are trading in Guyana, there is need for the US dollar. There is no need for US currency. If rates are going up in the streets and you can go to the banks and buy for $215, why would you go to buy for $235 unless it is for something illegal?”

“Why is there a demand for [US] currency when trade in Guyana is done with the Guyana dollar and if you have a legitimate business you can go to the bank and do wire transfers and so on? You don’t need too much here anyway. For the traveler or someone going on holiday, they can use their debit cards or can also buy from the bank. Questions must be asked why the US [dollar] is so needed, “the analyst added.

The Finance Minister said that he knows of the scheme at the cambios and said that a thorough investigation will be done. He said that he will be able to “make a better report in another week or so to see where this is going.”

But, he said, from the preliminary findings, “we have a very fair idea why there is a shortage of cash and why this is coming from the non-commercial bank cambios.”

Pressed as to what the initial findings were, Jordan said that it was a sensitive matter and he did not want to compromise the investigation.

“I don’t want to because it is a very sensitive matter and we want to make sure the ducks are lined up before we come swinging as they say. But we believe that we are on to something when it comes to there being no cash in certain cambios, particularly the cambio that rushed to increase the rate to [G$]235 to [US$]1,” he said.

“I maintain all the time, nothing differently is happening at this time that has happened two months ago, one month ago or so on. We have an idea and all of the supervisory agencies in terms of cambios will be pooling their resources to go after this issue,” he added.

Jordan also pointed out that while only about two banks have upped their selling rates, the pricing affects “a lot of the cambios” who are competing.

He said that he understands that the foreign currency demand was specifically for large notes such as the US$50 and US$100 and said that it was possibly because “it is easily transportable.”

Replies sorted oldest to newest

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

FM
Dave posted:

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

Good piece of information to put into context.  So the higher rate could be attributable to the $2,000 limitation!

FM
Baseman posted:
Dave posted:

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

Good piece of information to put into context.  So the higher rate could be attributable to the $2,000 limitation!

Exactly. 

FM
Dave posted:
Baseman posted:
Dave posted:

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

Good piece of information to put into context.  So the higher rate could be attributable to the $2,000 limitation!

Exactly. 

So we back to the good old Burnham days!

FM
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

From what I gather, Bibi is not wrong. Even he referred to the 235 rate but invoked illegality.  If there is a $2,000 limit at the banks then people go to the street.  If supplies are tight, it could spike to 235!

FM
ronan posted:
Baseman posted:

So we back to the good old Burnham days!

sooo now . . . EXPOSED and EMPTY

you decide to fall back pan shakeabatty

pitiful

Nah. I read what he said.  He never referred to the $2,000 limit.  So then how does he control the street rate!

Wasnt there currency restrictions and two very divergent rates during that time?

FM
Last edited by Former Member
Dave posted:

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

what the hell does that mean . . . when did the BOG become Guyana's single-conduit commercial bank?

oh, and btw . . . Uncle Sam calls THAT unmonitored sh!t money laundering

dem DEA/Treasury bais with the real tracking equipment on Young Street watching with keen interest

FM
Baseman posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

From what I gather, Bibi is not wrong. Even he referred to the 235 rate but invoked illegality.  If there is a $2,000 limit at the banks then people go to the street.  If supplies are tight, it could spike to 235!

She is correct to say BOG controls the rate because their limitations at the bank determine the selling rate at Cambios. 

The Chinese are the major contributor to high demand of US dollars. 

They sell their goods cheaper than a local importer, although we buy from the same manufacturer in China ( Kaieteur News did a investigation on this which suddenly went into the tubes) . we believe the Chinese Embassy is a major player in this and  facilitate the US currencies to ship out to China. 

This government and PPP.. both kissing the Chinese Arss . 

FM
Dave posted:
Baseman posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

From what I gather, Bibi is not wrong. Even he referred to the 235 rate but invoked illegality.  If there is a $2,000 limit at the banks then people go to the street.  If supplies are tight, it could spike to 235!

She is correct to say BOG controls the rate because their limitations at the bank determine the selling rate at Cambios. 

The Chinese are the major contributor to high demand of US dollars. 

They sell their goods cheaper than a local importer, although we buy from the same manufacturer in China ( Kaieteur News did a investigation on this which suddenly went into the tubes) . we believe the Chinese Embassy is a major player in this and  facilitate the US currencies to ship out to China. 

This government and PPP.. both kissing the Chinese Arss . 

you seem confused

lessee here . . . according to you, there is currency manipulation by Chinese 'traders' and, according to you, the BOG (quite responsibly) taking action to stop it

comes now baseman (following you) talking much upsideddown, ignar tripe about depreciation of the Guyana dollar

what is the reason for y'all cussdown of the Gov't again . . . hmmm?

bibi leading klown leading klown

smfh

FM
Last edited by Former Member

A combination of factors has been blamed on the rates, stable for years at around $205-210 for US$1.
For this year, so far, the Bank of Guyana has released over US$6M in cash to commercial banks to assist with the demand.
“We have been paying attention and it has the attention of the Government too,” Dr. Ganga said.
He disclosed that US cash can be available at the banks for about $216.
Of course, the bank official said, most likely not large amounts of cash would be readily available.
However, it is on the streets that the Bank of Guyana would be worried.


Bank of Guyana is probing the reasons for the sharp hike in the exchange rates for the US dollars.

The exchange rate was over $233 yesterday at city cambios.
In the last decade, with the economy chugging along with its traditional goods and services, there exchange rates has rarely slide back $215.
However, a number of things have been happening with the economy.
There has been a large infusion of foreign investments in especially the oil and gas sector.
The exports have not been matching up.
The Chinese has reportedly entered the rice market with Venezuela. They require US dollars in return, reportedly, for being paid in gold and oil.
Trinidadians and their companies have been taking out the US dollars.
So too have the telephone companies.
To compound matters, cross border trade with Brazil, Suriname, and Venezuela especially, have seen a rise in demand for the US cash.
The situation with cash shortage has surfaced in recent years with Bank of Guyana halting its trade of Trinidad and Barbados dollars after finding that those foreign currency-starved countries were dumping their dollars here.

https://www.kaieteurnewsonline...nks-at-216-governor/

ronan posted:
Dave posted:
Baseman posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

From what I gather, Bibi is not wrong. Even he referred to the 235 rate but invoked illegality.  If there is a $2,000 limit at the banks then people go to the street.  If supplies are tight, it could spike to 235!

She is correct to say BOG controls the rate because their limitations at the bank determine the selling rate at Cambios. 

The Chinese are the major contributor to high demand of US dollars. 

They sell their goods cheaper than a local importer, although we buy from the same manufacturer in China ( Kaieteur News did a investigation on this which suddenly went into the tubes) . we believe the Chinese Embassy is a major player in this and  facilitate the US currencies to ship out to China. 

This government and PPP.. both kissing the Chinese Arss . 

you seem confused

lessee here . . . so there is currency manipulation by Chinese 'traders' and, according to you, the BOG (quite responsibly) taking action to stop it

comes now baseman (following you) talking much upsideddown, ignar tripe about depreciation of the Guyana dollar

what is the reason for y'all cussdown of the Gov't again . . . hmmm?

bibi leading klown leading klown

smfh

You are the confused and ignorant one here. What is difficult for you to understand that limitation at the bank cause a rise at the Cambios. 

You have a attitude to comb every words trying to prove everyone is stupid and you are the only smart one. 

What prevents you from doing the same to the Minister comments... you are nothing but a hypocrite ... now gawn so .   

FM
Baseman posted:
Dave posted:
Baseman posted:
Dave posted:

It is cheaper to wire transfer money from Guyana but  the BOG is not allowing you more than $2000 US. 

Traders are buying the US from the street in large quantity and they are sending these money across the border via Venezuela, Trinidad etc. 

Good piece of information to put into context.  So the higher rate could be attributable to the $2,000 limitation!

Exactly. 

So we back to the good old Burnham days!

Exactly. No one will buy currency at such a high exchange when they can do so at a lower exchange at the bank where it is much safer. Jordan can never be trusted after all the other misstatements that he has made since being foolishly made Finance Minister.

FM
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

cain
Last edited by cain
cain posted:
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

In the 80s when the incompetent PNC especially Greenidge tossed Guyana in the latrine.

FM
ksazma posted:
cain posted:
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

In the 80s when the incompetent PNC especially Greenidge tossed Guyana in the latrine.

I wonder why with all the money goin round in Guyana during PPP time they weren't pulled out, by the looks of it a lot more Cambios opened. Washing was a booming business it seems.

cain
Last edited by cain
cain posted:
ksazma posted:
cain posted:
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

In the 80s when the incompetent PNC especially Greenidge tossed Guyana in the latrine.

I wonder why with all the riches in Guyana during PPP time they weren't pulled out, by the looks of it a lot more Cambios opened.

The PPP did pull Guyana up but their effort was cut short by the illegal NCV try in 2014. The reason why Guyana was not pulled all the way up by 2015 was because the incompetent PNC had sunk it very deep in the latrine.

FM
ksazma posted:
cain posted:
ksazma posted:
cain posted:
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

In the 80s when the incompetent PNC especially Greenidge tossed Guyana in the latrine.

I wonder why with all the riches in Guyana during PPP time they weren't pulled out, by the looks of it a lot more Cambios opened.

The PPP did pull Guyana up but their effort was cut short by the illegal NCV try in 2014. The reason why Guyana was not pulled all the way up by 2015 was because the incompetent PNC had sunk it very deep in the latrine.

Ahhhh, so the PPP didn't have enough clean people without baggage (which weighed them down) to assist in pulling the country out of the shithole, gotcha.

Washing likearasssss banna, swish swish swish

cain
cain posted:
Baseman posted:
cain posted:

In Guyanese lingo, Cambio = Laundromat

They are licensed!

Ahhhhhh so it should be Cambio = Licensed Laundromat, gotcha

I don't recall them being around in the 70's.

So you comparing 2019 to 1970s!!  In the 70s there were already non-bank money changers!  They now have rules are record-keeping requirements!  They are an official part of the economic fabric!

In America did we have Venmo, PayPal, I-pay, facebook, Google, internet?

Banna, guh tek a pull!!

FM
Nehru posted:

Base, you cant argue with stupid, never heard that before??  You can blame it on the Dope

In another thread you mentioned everything PNC touch turn to shit. Which one of them guys touched you?

cain
Last edited by cain
cain posted:
Nehru posted:

Base, you cant argue with stupid, never heard that before??  You can blame it on the Dope

In another thread you mentioned everything PNC touch turn to shit. Which one of them guys touched you?

You tell us, you are closer to them Thank God I do not have smellovision cause you would stink up my space!!!

Nehru
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Why is Jordan launching an investigation into the cambios?  He knows fully well that the banks do not have any US currency so those that have can sell at whatever price the market determines.  Same as black marketing in Burnham days.

Bibi Haniffa
  • Bibi Haniffa posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Why is Jordan launching an investigation into the cambios?  He knows fully well that the banks do not have any US currency so those that have can sell at whatever price the market determines.  Same as black marketing in Burnham days.

scald face liar and disinformation agent

even when stripped naked you can’t help yourself

is this the ‘male’ or the ‘female’ slice of your handle posting . . . hmmm?

FM
Last edited by Former Member
ronan posted:
  • Bibi Haniffa posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Why is Jordan launching an investigation into the cambios?  He knows fully well that the banks do not have any US currency so those that have can sell at whatever price the market determines.  Same as black marketing in Burnham days.

scald face liar and disinformation agent

even when stripped naked you can’t help yourself

is this the ‘male’ or the ‘female’ slice of your handle posting . . . hmmm?

My information is 100% correct.  And I will take it one step further to inform you that the government is buying currency from commercial banks since there is no foreign exchange in the central bank.  Those individuals who are paying $235 at the cambio are people who need currency to travel. 

Bibi Haniffa
  1. Bibi Haniffa posted:
ronan posted:
  • Bibi Haniffa posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Why is Jordan launching an investigation into the cambios?  He knows fully well that the banks do not have any US currency so those that have can sell at whatever price the market determines.  Same as black marketing in Burnham days.

scald face liar and disinformation agent

even when stripped naked you can’t help yourself

is this the ‘male’ or the ‘female’ slice of your handle posting . . . hmmm?

My information is 100% correct.  And I will take it one step further to inform you that the government is buying currency from commercial banks since there is no foreign exchange in the central bank.  Those individuals who are paying $235 at the cambio are people who need currency to travel. 

uh huh ms 100%

please point to exactly which part(s) of Winston Jordan and BOG Governor Gobin Ganga’s statements you are rebutting, thanks

oh wait . . . you used to be ms 110% in a former life before i pounded a stake into your graveyard vampire chest not so long ago, remember?

smfh

FM
Last edited by Former Member
Bibi Haniffa posted:
ronan posted:
  • Bibi Haniffa posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Why is Jordan launching an investigation into the cambios?  He knows fully well that the banks do not have any US currency so those that have can sell at whatever price the market determines.  Same as black marketing in Burnham days.

scald face liar and disinformation agent

even when stripped naked you can’t help yourself

is this the ‘male’ or the ‘female’ slice of your handle posting . . . hmmm?

My information is 100% correct.  And I will take it one step further to inform you that the government is buying currency from commercial banks since there is no foreign exchange in the central bank.  Those individuals who are paying $235 at the cambio are people who need currency to travel. 

What does he knows??  don’t waste your time .

FM
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

Hey hey hey...what Jordan seh is de same ting de Labba seh yesterday...hey hey hey. You and dem one love bais want abie believe dat Jagdoe cause de cash rate foh knock 230? Hey hey hey...de Labba seh de rate jump to 218...hey hey hey. 

FM
Labba posted:
ronan posted:

bibi checking in with the emerergency huddle of the bald head tief and he associates fuh come up with better talking points

baseman and labba please come in

You and dem one love bais want abie believe dat Jagdoe cause de cash rate foh knock 230 

LIE!

is you trying to have it both ways ‘supporting’ Bibi w/235

suh which is it . . . 235 or “218”?

actually, Jordan who you seh seh de same ting as you seh 215, but let’s not quibble over stupidness

you cant serve truth and the RAT at the same time

be brave

FM
Last edited by Former Member

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