Why is foreign exchange restricted and unacceptably unavailable?

Mar 27, 2026 Letters

Dear Kaieteur News,

The Bank of Guyana and the Government of Guyana is still to give a plausible explanation as to why foreign exchange continues to be unacceptably restricted and unacceptably unavailable from Guyanese banking institutions.

My request for an online bank-to-bank transfer of foreign exchange after one month, has still not been processed and I have been informed that it is still in a queue. No explanation from the Guyanese bank involved as to when funds will be available has been given, apart from a word-of-mouth promise that my request has been placed in a priority queue.

There are numerous reports of sick and injured people being unable to travel and receive medical treatment unavailable in Guyana due to a lack of available foreign exchange, placing their health and lives at risk and placing them in the very embarrassing position of being unable to pay for services not because of unavailability of funds in Guyana but because the Bank of Guyana and the Government of Guyana has placed Guyanese into this embarrassing situation.

Business persons have also told me that they are forced to deal with this ongoing lack of foreign exchange in effect for more than a year.

Guyana the so called fastest growing economy in the world and a country that the President of Guyana has said is open for business, is in fact NOT open to business for Guyanese, not open for access to foreign exchange, not open for the average Guyanese citizen to access essential and lifesaving services needed, neither open to access for foreign exchange for paying for higher education tuition and a myriad of other needs.

The Bank of Guyana and Guyanese banking institutions MUST explain who are the persons, companies, ministries, ministers, projects foreign and Guyanese who are receiving and taking out of the banking system the vast majority of foreign exchange thereby denying law abiding Guyanese citizens from access to foreign exchange for essential and other services which should be their right to access.

This situation is very similar to years ago when under the PNC Burnham Administration Guyanese has little access to foreign exchange. In a twist of fate Guyanese find themselves back to a situation which older folk felt they would not return to. This is but another example of a Guyana not for Guyanese.

The Bank of Guyana needs to release a credible explanation for this ongoing situation, local banks must all give an explanation as to why their customers continue to experience the unfair, discriminatory and illegal restriction of funds to their customers. Finally, those responsible for this state of affairs, release the categories of entities and people who are benefitting inordinately from Guyana foreign exchange at the expense of citizen’s needs.

Danuta Radzik

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Bank of Guyana, Danuta Radzik, foreign exchange, Letters

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