Hoarding, low sugar performance blamed for rising exchange rates
Currency Exchange
March 18, 2014 | BY KNEWS |
Guyana’s rising exchange rates may be blamed on a number of prevailing factors, including reduced proceeds from sugar and a steep drop of gold prices on the world market.
Over the past months, the exchange rate of Guyana dollar to the US climbed from $200 to US$1 to just over $210, a worrying trend for businesses and the administration. It is not likely to drift down in a hurry, analysts have said.
While banks were advertising trading on average between $204 and $209, businesses have been complaining of hardships in acquiring significant amounts. Continue reading
