Barbadian Dollars Flood Guyana’s Market

Guyana’s central bank governor was forced to act on Friday by placing a halt on the trading of Barbadian dollars in its market.
Additionally, the monetary authorities also flagged the trading of Trinidad and Tobago currency.

money-bagAccording to press reports, local traders were accepting large amounts of Barbados and Trinidad currency and exchanging them for U.S. dollars.

Consequently, the Guyanese authorities acted to temporarily suspend trading in both Barbados and Trinidad and Tobago dollars.

In the meantime, the central bank has advised that persons conducting legitimate business could still access and deal in the currencies of the two CARICOM member states.

The Guyanese business community has reportedly claimed that there has been a shortage of U.S. currency in the local market.

However, the government has denied such claims and pointed to adequate reserves in their possession.

The government became concerned that local traders were accepting large amounts of both Barbados and Trinidad currencies and exchanging them for U.S. dollars subsequently it decided to act to calm and protect the local market.

There is unrestricted access to foreign currency in Guyana and reports are that business people from Barbados and Trinidad have over time been capitalizing on this gateway to access U.S. dollars.

Nigel Belle, Readers Bureau, Fellow

Edited by Jesus Chan

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