These foreign currencies do not enter the Guyana market

Mar 30, 2017 Letters

Dear Editor,
Guyanese all over the world remit millions of foreign currency on a weekly basis to their families back home here in Guyana. Most times they use a company to facilitate these transfers. The company does not give the families in Guyana the actual denomination sent but instead they convert these remittances to Guyanese dollars at a further profit to themselves, as a low exchange rate is imposed on receivers of these remittances. This foreign currency does not enter the Guyana market. If the Guyana government was to halt this practice by this company and force them to remit the exact currency that is being sent to the receivers in Guyana this will lead to an increase in the liquidity of foreign currencies in Guyana.
This company is not a cambio and therefore should be barred from converting Guyanese hard earn foreign currency. Simultaneously Government must see this current currency crisis as an assault on the democracy of Guyana and their ability to govern. Government needs to identify the players who are making life hard for the small man and stop them.
Malachi James

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