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FM
Former Member

There is a shortage!

Mar 16, 2017 Features / Columnists, Peeping Tom, http://www.kaieteurnewsonline....there-is-a-shortage/

One year ago, you could walk into any bank, place an order for US$5,000 and be almost sure that you would get it right away. Not anymore!

You can still walk into a bank and ask for foreign currency but nine out of ten times you will walk out empty-handed. There is now a waiting period at most banks for foreign exchange.

The banks simply do not have the amount which is being demanded and which, from all accounts, does not constitute a run on foreign exchange.
Businessmen need foreign currency to finance their purchases. They are finding it difficult to obtain this currency and many of them may be tempted to go to the informal markets to obtain funds.

There are reports that some persons are so desperate for foreign exchange that they are paying as much as $220 to US$1. This is sometimes the only means by which they can source foreign currency immediately. If you need money to do an emergency surgery overseas and it cannot be had in a timely manner, then there is little other choice than to raise the amount you are willing to pay. This represents a 5% devaluation of Guyana’s currency. The least thing that Guyana can afford at this time is an unofficial devaluation. This will hurt the economy further.

This will also lead to higher prices for imported goods which constitute a significant share of household expenditure. The cost of living will increase and so too will inflation.

The waiting time for foreign currency at commercial banks signifies that indeed there is a shortage of foreign exchange in the system. It is therefore time for the government to take off its blinkers and stop denying what is now undeniable

It is time for the government to admit that there is a problem with the availability of foreign exchange. The banks are not holding back on selling currency. They simply do not have the amounts that are needed to meet normal demand.

The banks are doing this country a favour by not allowing demand and supply to dictate the foreign exchange rates because then there would be a graver shortage of foreign currency as well as a soaring rate.

The reputations of some businessmen are on the line with their suppliers. These suppliers are accustomed to being paid on time. They are suspicious when they are being suddenly told that it will take some time for their payments to be remitted to them.

We also have a problem with correspondent banks which are refusing to conduct foreign exchange transactions. This is adding to the uncertainty and costs of foreign exchange transactions.

Consumers are hurting in this country. They cannot bear any more increases. The government can pronounce all it wants about higher disposable incomes but the reality on the road is that that higher disposable income is not the same for everyone and that the majority of people are feeling the squeeze of increased prices and the VAT on things which formally did not attract VAT. This is the reality.

There is a problem. Unless there is an acceptance that there is a problem a solution cannot be found.

Short-term measures such as limiting the spread between the buying and selling rates at the cambios and at commercial banks will not solve the problems with availability. It has not eased the problems of traders. It has reportedly helped to push some currency transactions underground.

The causes of the problem need to be investigated. The investigation needs to be done by an independent authority so as to remove any suspicion of politically contrived explanations. The government should ask the World Bank to send down a small team to look into this matter because it does have implications for the cost of capital which is already rising in the country.

Replies sorted oldest to newest

You all coolie men sometimes think a woman can't contribute to her country by being a politician or a technocrat. Making flirtatious remarks is pretty typical of many us.  We should encourage Indian women to become vocal on social and political issues.  Let's not create an atmosphere  that discourages them. We need their help to build a better Guyana. 

Billy Ram Balgobin
Billy Ram Balgobin posted:

You all coolie men sometimes think a woman can't contribute to her country by being a politician or a technocrat. Making flirtatious remarks is pretty typical of many us.  We should encourage Indian women to become vocal on social and political issues.  Let's not create an atmosphere  that discourages them. We need their help to build a better Guyana. 

I think what where now? IF it is who I think it is, I've known her since 79 and met her a couple of times over here and would never begin to assume or suggest that she was incapable of being a politician or technocrat.

GTAngler
Bibi Haniffa posted:
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Lol.   I came close to dashing licks pan him couple time.

I am not going to make any flirtatious remarks.

GTAngler
Bibi Haniffa posted:
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Lol.   I came close to dashing licks pan him couple time.

Child abuse,

I got licks twice std 3 and form 3.

Django
Django posted:
Bibi Haniffa posted:
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Lol.   I came close to dashing licks pan him couple time.

Child abuse,

I got licks twice std 3 and form 3.

And you still na learned. No wonder you are stupid coolie intra-racist.

Billy Ram Balgobin
Billy Ram Balgobin posted:

Bibi, 

Many of them boys on this forum are looking for LIME but nothing ain't happening for most of them.  Either they too old or they too politically naive'. 

With the exception of GTAngler they are all too old.  And politically naΓ―ve.  The things I read on here are shocking.  A lot of lies are being told on this forum.

I have never known GTAngler to be a political guy.  He used to be a quiet and shy, little skinny kid. I was surprised to see him on here.

GT - how did you end up on here?

Bibi Haniffa
Bibi Haniffa posted:
Billy Ram Balgobin posted:

Bibi, 

Many of them boys on this forum are looking for LIME but nothing ain't happening for most of them.  Either they too old or they too politically naive'. 

With the exception of GTAngler they are all too old.  And politically naΓ―ve.  The things I read on here are shocking.  A lot of lies are being told on this forum.

I have never known GTAngler to be a political guy.  He used to be a quiet and shy, little skinny kid. I was surprised to see him on here.

GT - how did you end up on here?

I heard Stormy looks like he suffers from progeria even though he displays an aggressive style on GNI. 

Billy Ram Balgobin
Billy Ram Balgobin posted:
Django posted:
Bibi Haniffa posted:
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Lol.   I came close to dashing licks pan him couple time.

Child abuse,

I got licks twice std 3 and form 3.

And you still na learned. No wonder you are stupid coolie intra-racist.

See how alyuh abusive to the East Indians who think for themselves.

Keep on trucking.

Django
Last edited by Django
Bibi Haniffa posted:
Billy Ram Balgobin posted:

Bibi, 

Many of them boys on this forum are looking for LIME but nothing ain't happening for most of them.  Either they too old or they too politically naive'. 

With the exception of GTAngler they are all too old.  And politically naΓ―ve.  The things I read on here are shocking.  A lot of lies are being told on this forum.

I have never known GTAngler to be a political guy.  He used to be a quiet and shy, little skinny kid. I was surprised to see him on here.

GT - how did you end up on here?

Look who talking about lying. From the day you showed up on this forum, you are full of lies. You're like the Kellyanne Conway of GNI.

No man here want you anyway. They have to be desperate. Man want nice young juicy meat not no ole dry up ting.

Mars
ball posted:

I say dhall and split pea soup is about the same, then again some may disagree

 Lol..That's exactly how Iman does make it. Bun up some gyalic..honion an curry pouder in some hoile an chuck in the split pea soup.  Heat and serve on a bed of rice. I then add a couple fish cakes along with Naan bread and Spinach on the side.

A glass of coconut water. Ahhhh

When done Rub stomach, Burp, Cut the cheese and chill for a bit...yessss!

cain
Django posted:
Billy Ram Balgobin posted:
Django posted:
Bibi Haniffa posted:
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Lol.   I came close to dashing licks pan him couple time.

Child abuse,

I got licks twice std 3 and form 3.

And you still na learned. No wonder you are stupid coolie intra-racist.

See how alyuh abusive to the East Indians who think for themselves.

Keep on trucking.

Your self-hate is crystal clear for anyone to see. You think for yourself in the most selfish ways. 

Billy Ram Balgobin
Django posted:
Bibi Haniffa posted:
GTAngler posted:

You lie! Those industries benefitted just the Indo-Guyanese community.

Oh rass!!  You ok Buddy?  I can still put you in detention you know

The young man was waan a yuh student.

Assuming once again I am thinking of the right person, in spite of that, ah still turn out arite-ish........

GTAngler
Last edited by GTAngler

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