Over the last week, the selling price for the US dollar hit $200, a new high against the floating local currency. Stabroek News sought the views of the man and the woman in the street on the rise of the exchange rates and how it may affect them. Their comments follow:
S. Bacchus - Cambio worker: ‘The selling price for the US dollar climbed to $200 to one because the US currency is in demand. The supply is not there for about two months now. December coming and everybody wants money to bring in their stuff. We [the cambio] have never reached $200 because we try to keep the price down so that anybody could buy. But I believe that the price will fall because people will come home for the holidays. There is also a demand for the Canadian dollar and once the price of the US dollar rises the price of the Canadian dollar will also rise’.
Ras Cedric Castello - Tours coordinator: ‘Brokers resell the US dollar for as high as they can get. Like any other commodity, the US dollar is influenced by its supply in relation to its demand usually at Christmas there is the largest influx of visitors which bring about an increase in the supply in currency. The rise of the exchange rate can lead to a rise in certain important commodities. It wasn’t like this last year around this time, there were much more sellers’.
Wycliffe Bethule - Production Superintendent: ‘I work in production and everything will now be more expensive in my job because of the rise in the US dollar. I think the business will be 20% harder and because of that we’re going to have to downsize. Staying afloat could now be difficult due to the change in price. I’m now going to have to work longer in my job. This increase could possibly add another ten years to my career. It’s very disappointing. I think the cost of living will be affected by about 10%. I’ll have to reduce basic items to cope with this rise. Guyana will be affected by the rise. The cost of living will be a problem.
There may be a lot more homeless people and crime could also increase. For the situation to improve the dollar needs to steady then we may be okay. Guyana would be a beautiful country if we could get inflation down. Whilst it rises problems will only increase’.
Andre Wiltshire - Freelance actor/teacher: ‘If you look at my jobs, firstly in terms of the teaching profession it is much harder to survive with the wages we get right now. With the current rise of the US dollar the pay is going to be worse and it will now be very difficult to survive. In acting, for me to get a job, plays need to be produced but because of this problem production will now cost much more. Producers may therefore not be able to afford the cost of production and that would mean a cut down on jobs. In any case pay would be affected. Because of the inadequate income there will be problems. In terms of the cost of living people may not be able to afford paying the bills and may be reduced to doing so through devious means. I myself will have to seek more lucrative jobs. Of course I like what I do, but have to be able to afford to live. With the rise of the dollar this country will go downhill. There could be an increase in drugs and crime and we may start seeing more homeless people. The situation of the US dollar is definitely important to Guyana’s future and with this increase we simply need to find ways of stemming the tide.’
Parmanand Doonachor - Salesman: ‘I’m in the business of trade and this new rise affects me a lot. I have to now raise prices of what I sell and because of this people will not want to buy from me.
They usually buy big quantities of what I sell but now will only be able to afford smaller amounts because my prices go up. It is now going to be tough. I have to do other stuff and invest in new areas.
It is the same with everyone else now involved in trade, it’s a widespread problem. I’m also going to have to cut down on how much I spend. I have a family including three children which I support. Education is expensive with textbooks costing about $3,000 each. As well as this I have to pay the bills and it is all very difficult.
I’m now basically trying to get out of this situation. Because things are becoming so hard I’m thinking of getting into the business of farming. With this change in the dollar my income will just not be enough. Obviously things could change, the price could drop, but the dollar is not something I can rely on. Guyana is going to be affected a lot because of this change in the dollar. Prices everywhere will go up.
I don’t think the change in unemployment will be drastic but definitely a greater cost of living.’
Sandra Singh - Maid: ‘The rise of the US dollar will affect my pay and how I live. At the moment I am underpaid so if the wages drop then there are serious problems. If that happened I would have to find another job. It would be a situation of more work and less pay. I have a family and children to look after. Because of this rise in the US dollar there may be changes in how much I work but in terms of how me and my family live I’m determined that things remain the same. I may have to work four extra years before I retire, but I’ll just have to try and manage. Due to the change in the dollar I can see Guyana getting worse. Prices will get bigger and things will now be expensive. Poverty may increase but I don’t think there is a direct connection between inflation and social problems such as crime and drugs.’
Thelma Beckels - Unemployed: ‘I’ve got things very bad at the moment. I’m almost begging. This rise really affects me. The living facilities I’m staying in at the moment are poor and this change in the dollar is not helping. I used to have a job doing washing but I can’t work now. I’ve got to wait till next year to get my pension and if I get it I personally don’t think this change in the dollar will affect what I get. I am concerned though. As for the rise in the US dollar things will change, we will now have different prices. There will be problems with how much things cost and that is going to be hard. I don’t know how much areas such as unemployment, poverty and crime will be affected.’
Colin Barker - Money changer: ‘The US dollar hit $200 to one because the demand is at a very high level. The economy is in the state that it is because I feel that the government is not doing enough to address the issue. At this time last year, the rate of the US Dollar was much lower.’
Samantha Rose - Nurse: ‘When you get money from your family in the US you will get more for if but you won’t be able to buy as much. The rise in the exchange rate is not good for the people of Guyana, but they are still shopping. It just shows that our dollar is going down all the time.’
Malkia Idal - Secretary: ‘People’s money will be devalued at the bank, although you may be able to get more in terms of cash. The money will buy fewer things. It surely does not augur well for the country or the economy.’