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Guyana’s foreign reserves plummet, money depreciates
The Central Bank’s third quarter report for 2013 review revealed that gold, diamond, rice, and lumber output increased, while sugar, fish, poultry and bauxite output declined.
Compared to an overall surplus of US$57.8M in the third quarter 2012, a Balance of Payments deficit of US$220.4M was recorded in the third quarter of 2013, which would have contributed to the steep decline seen in the level of net international reserves.
On January 31, 2014, the exchange rate stood at G$208.44: US$1.00, up from an average of G$205.42 : USD1.00 in September 2013.
The International Monetary Fund expects growth to soften to 4.3 per cent in 2014, down from 4.8 last year.
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