Latest update January 1st, 2025 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Global financial crisis…Remittances to Guyana decline

Oct 03, 2008 News

Money transfer entities in Guyana are monitoring the financial crisis in the United States to see how it will affect their business, and at least one firm appears to be feeling the pinch already.
An official at one of the country’s major money transfer entities told Kaieteur News yesterday that the firm has experienced a slight drop in remittances from the US since June.
The official said that the reduction was “less than one percent.”
“Since June we noticed a fluctuation, although last month’s figures were better than those in September 2007.
But maybe by November-December it (the crisis) might start to trickle down (to Guyana).
“We are watching the situation. We know that we are going to be affected. We recognize that next year might not be so good a year for us, but we are trying to maintain our market share.”
Western Union, Money Gram, Laparkan Financial Services Limited, and the recently-established Senvia (Interlink) are the major money transfer entities operating here.
According to an Inter-American Development Bank (IDB) report, relatives sent $424M in remittances to Guyana in 2007. The report said that the money represents 43 percent of the country’s gross national product.
It is believed that 70 percent of remittances are sent via money transfer, and the official estimate is that more than 30 percent of these remittances are wired to his firm.
An official from another money transfer firm said that his company was “monitoring” the financial situation closely, but stated that it was too early to say whether remittances are being affected.
Marlon Williams, the Marketing Manager of Senvia (Interlink) says that his firm is yet to feel the effects of the financial fallout.
In fact, business has improved for the firm, which has been in Guyana for one year now, he said.
Senvia’s Marketing Manager believes that the effects of the US crisis will only be felt here if the unemployment rate in the US rises.
“Guyanese (living overseas) somehow find that US$100 or US$200 to send to their families,” he observed.
According to a recent IDB report, remittances to the Caribbean and Latin America are likely to decrease in value due to the economic crisis in the US.

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Keevin Allicock – the next torchbearer for Guyanese professional boxing

Keevin Allicock – the next torchbearer for Guyanese professional...

Dec 31, 2024

By Rawle Toney Kaieteur Sports- In the rich tapestry of Guyanese sports, few names shine as brightly as Keevin Allicock. A prodigious talent with the rare blend of skill, charisma, and grit, Allicock...
Read More
Guyana Harpy Eagles begin Fitness Preparation for 2025 CWI Regional Four-Day Tournament

Guyana Harpy Eagles begin Fitness Preparation for...

Dec 31, 2024

The business end has arrived, a place in the final is at stake tomorrow night

The business end has arrived, a place in the...

Dec 31, 2024

Thirteen-year-old benefits from Project “Cricket Gear for young and promising cricketers in Guyana”

Thirteen-year-old benefits from Project...

Dec 31, 2024

Milerock stop Winners Connection 9-3 behind Drakes 5 goal spree, Botafago humble Capital Fc 8-3

Milerock stop Winners Connection 9-3 behind...

Dec 31, 2024

Dharry reigns supreme with second-round KO against Ramirez

Dharry reigns supreme with second-round KO...

Dec 30, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]