Foreign currency hoardingFinance Minister Winston Jordan said efforts are already being made to ensure various financial institutions put an end to what appears to be a hoarding of foreign currency.“I’ve dealt with that quite clearly… We have a number of actions being taken behind the scenes,” he told media operatives on Friday. However, the Finance Minister declined to divulge more information on the matter.Finance MinisterWinston JordanJordan also used the opportunity to assure that the value of the domestic currency is not under threat.“We do not have a fixed exchange rate, we have a market determined liberalised rate… I don’t see the exchange rate going anywhere; it is a matter of demand and supply. One time you will have low supply and the rate will intervene, you have high supply, the rate will intervene. Republic Day coming up, lots of tourists and overseas Guyanese coming back home, monies floating around and so on, the rates appreciate,” he explained.Recently, there have been reports that there is a shortage of foreign currency in Guyana. The report had cited complaints from those in the business sector. This, however, has consistently been denied by Jordan and Central Bank Governor Gobind Ganga.But at a recent public forum, the Finance Minister called on those involved in the practice of hoarding foreign currency – exporters, importers and cambios – to be responsible and heed the entreaties of the Government. He also had an ominous warning; failure to do so would result in the Government taking decisive action.Jordan went on to assure the public that foreign exchange demands can currently be met with what is in the system. He was adamant that this was the case, despite the reduction in export earnings from sugar, rice and timber.
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