Some City cambios say not affected by alleged currency shortage

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Governor of the Bank of Guyana (Bog), Dr. Gobind Ganga

…Central Bank commits to finding reason for some dealers hiking prices

DAYS after reports surfaced about there being a shortage of United States Dollars (USD) on the local market, Governor General of the Bank of Guyana (BoG), Dr. Gobind Ganga, has committed to finding the reason for the shortage.

“I am going to look at the reason for the shortage and try to do some work on that,” said Dr. Ganga in an invited comment on Monday.
Dr. Ganga said the matter will be addressed after he meets with officials from the Federal Reserve Bank of the United States of America (USA). It was reported that the Private Sector Commission (PSC) had expressed concerns about the rising exchange rate of USD and its potential impact on the business community. A representative of the PSC had met with Dr. Ganga to discuss the situation last week.

“The PSC was briefed on the situation and the mitigating measures being taken by the Bank of Guyana. The PSC was advised that the matter is mostly due to the unavailability of U.S dollar notes and not access to US currency to facilitate transactions such as payment for USD debit/credit cards and wire transfers,” said the PSC representative.

Although there were reports of a shortage, major city cambios have said that they are not affected by the shortage. A senior representative of the L. Mahabeer and Son Cambio said there is no shortage of USD and money is still flowing.

‘There was a little shortage of big notes because of what was going on with the street changers, but that did not last long,” said the representative. A representative of R. Sookraj Cambio also said that they have not recorded a shortage of US currency, but the demand has not been too high. The representative said persons, who need US currency, can visit the cambio and get it, not an unlimited amount, but the currency is available.

L. Mahabeer and Son Cambio was purchasing USD for $216 and selling for $219, while R. Sookraj was buying at $215 and selling at $218. Following reports from a section of the media that cambios were selling for as high as GYD$233 for US$1, the Central Bank had conducted an investigation and found that all cambios, with the exception of one, were selling below GYD$218. Dr. Ganga had said that persons can visit any commercial bank and get USD at a selling price of $215 to $216.

“You would not get an unlimited amount, but you would get,” the BoG governor said. According to reliable sources, although the banks and cambios have been selling at a stable price, persons on the streets have been selling at a higher rate. In light of this, Dr. Ganga had said the bank will continue to monitor the situation and implement appropriate measures where necessary. “We will also continue to monitor cambios to ensure that they abide by the three dollars spread and ensure that others are not exploiting the market,” he said.

Original Post

The heading of the thread is not what the article said. The article has a word in there and if anyone has an inkling of comprehension they will know the difference, the word is "alleged"  When there is an admission there is indeed a shortage, that is different, is it not?

How the hell can there be a shortage of currency and the cambios are not affected?

cain posted:

The heading of the thread is not what the article said. The article has a word in there and if anyone has an inkling of comprehension they will know the difference, the word is "alleged"  When there is an admission there is indeed a shortage, that is different, is it not?

How the hell can there be a shortage of currency and the cambios are not affected?

If you get into the semantics the title also said 'some' which means more than one or two but it dose not say all....

ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

Shut yo skont!! you have no idea what you are speaking.

I had mention the BOG is limiting business to $2500. you wine and shake your BBT disputing this.

now read shonk hole “You would not get an unlimited amount, but you would get,” the BoG governor 

ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

 Some City cambios say not affected by alleged currency shortage

If you weren't so obsess with panty wearing men with shakebatty  you might be able to figure the heading of the article....

cain posted:

The heading of the thread is not what the article said. The article has a word in there and if anyone has an inkling of comprehension they will know the difference, the word is "alleged"  When there is an admission there is indeed a shortage, that is different, is it not?

How the hell can there be a shortage of currency and the cambios are not affected?

The PSC was advised that the matter is mostly due to the unavailability of U.S dollar notes and not access to US currency to facilitate transactions such as payment for USD debit/credit cards and wire transfers,” said the PSC representative.

HOPE YOU UNDERSTAND???

sachin_05 posted:
ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

 Some City cambios say not affected by alleged currency shortage

If you weren't so obsess with panty wearing men with shakebatty  you might be able to figure the heading of the article....

Haha 

there seems to be a problem here with elementary reading & comprehension

Dave posted:
sachin_05 posted:
ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

 Some City cambios say not affected by alleged currency shortage

If you weren't so obsess with panty wearing men with shakebatty  you might be able to figure the heading of the article....

Haha 

there seems to be a problem here with elementary reading & comprehension

The Admin tek bribe, after rawan complained.

America isn’t going to ship a truckload of banknotes to Guyana. People are expected to conduct their business through local currency ultimately settled through balance of trade. If people are looking for hard US currency in Guyana they may be doing so to wash money. As Cain said, swish swish swish. Looks like the Coalition is running a narco state after all.

ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

You are such a freaking arrogant idiot!  No one getting into the nitty gritty.  Fact is there is a USD shortage pushing up rates. You are not on the ground, you live by Google. So STFU and try to understand!  Or are you too frigging dumb for that?

Baseman posted:
ronan posted:

the flouncing GNI Idiots taking cues from tiefman at Freedom House still cannot figure out the difference between a shortage of US$50 and US$100 NOTES and a shortage of foreign currency

unbelievable!

smfh

You are such a freaking arrogant idiot!  No one getting into the nitty gritty.  Fact is there is a USD shortage pushing up rates. You are not on the ground, you live by Google. So STFU and try to understand!  Or are you too frigging dumb for that?

Go easy on Shakeabatty,  he born suh.

cain posted:

The heading of the thread is not what the article said. The article has a word in there and if anyone has an inkling of comprehension they will know the difference, the word is "alleged"  When there is an admission there is indeed a shortage, that is different, is it not?

How the hell can there be a shortage of currency and the cambios are not affected?

The cambios have currency from travelers buying and selling in the street. The Central Bank has no currency because of mismanagement and recklessness.  Sugar was the primary foreign exchange earner.  Now they are importing molasses to make rum.  That is one example.  I can give many more but me nah got whole night to sit down and write.

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