Businessmen peeved at new Customs currency exchange rates Stabroek News May 5, 1998 Many businessmen are complaining about the increase in the currency exchange rates at the Customs and Excise Department which took effect yesterday. With this increase, the rate of exchange for the US dollar has moved from $134 to $144; the pound sterling from $198 to $243; the Canadian dollar from $98 to $100.61. According to a senior official at the Customs and Excise Department, the decision to increase the rates was a "policy decision to regularise things". The official said that a mistake was made by a section of the media, when it was stated that the change would have been effected from May 29, instead of April 29. The official added that a notice was placed in the Chronicle on May 1, stating that the rates of exchange would be increased from May 4. The notice also stated that the rates of exchange published were solely for the purpose of customs collection and might not correspond with the rates of exchange which the commercial banks employed in the course of their business. Customs entries that were assessed before yesterday would use the old exchange rates, the official said, adding that the new rates would be applicable to those entries that the department is now receiving and those that were not previously assessed. Head of the Georgetown Chamber of Commerce, Manniram Prashad, in a telephone comment yesterday, said the Customs Department should immediately rethink its decision to increase the exchange rates. Prashad said that the new rates should have been discussed before being implemented. He added that the old rates should remain.