Guyana dollar stable against US, other foreign currencies
--Bank of Guyana figures indicate
Guyana Chronicle
December 30, 2003
GINA - The foreign exchange mid-rate figures from the Bank of Guyana (BOG) indicate that for this week, December 28 – January 2, 2003, the Guyana dollar has remained relatively stable, compared to the United States (US) and other currencies. The mid-rate is the average of the buying and selling rates of the US dollar.
For last week, the Guyana dollar had appreciated relative to the United States, the Canadian, the Euro and the Eastern Caribbean currencies.
According to figures for last week, the mid-rate calculated by the BOG was G$194 to US$1 and this week's figure shows a slight appreciation of the Guyana dollar to G$194.25 to the US dollar.
For the Guyana dollar to appreciate relative to the US currency, the supply of US currency in the Guyana market has to be higher than the demand for it.
The appreciation of the Guyana dollar relative to the US is an expected phenomenon in the last quarter of the financial year.
At year-end export earnings from sugar and other agricultural products, as well as influx of tourists, contribute to the increase in US currency on the local market. (Government Information Agency)