Vice President Bharrat Jagdeo announced that the Government will intensify its monitoring of Chinese businesses, particularly supermarkets, that have been reported to pay for goods using gold and foreign currency. This initiative aims to stabilize the foreign currency market in Guyana, especially concerning the U.S. dollar.
In recent months, the Government has injected millions of U.S. dollars into the local banking sector to address currency shortages. During a news conference on Thursday, Jagdeo emphasized that the Government will explore this issue from multiple angles.
“Some of the Chinese supermarkets are being scrutinized for how they are paying for their goods, as some may use gold purchases or currency transactions outside the formal banking system,” Mr. Jagdeo stated. He expressed concern that these businesses might be acquiring goods through legitimate means or potentially through third parties.
Importantly, Jagdeo clarified that this move is not intended to target Chinese businesses specifically but to ensure the country retains essential foreign currency. “We are watching all of these activities closely, and you can expect enforcement actions against those involved in questionable practices,” he warned, noting that previous sting operations will continue.
He reassured the public that there is currently no shortage of foreign currency in the system, stating that it is being managed carefully. “We have a problem with currency availability, not a lack of money. The dollar is a bit scarcer because we do not sell too much directly; we transfer to the banks, which is a contributing factor,” Mr. Jagdeo explained.
Recent months have seen several Chinese nationals arrested for possessing large amounts of local and foreign currency, as well as gold. Many of these individuals have been charged with money laundering, prompting heightened scrutiny of financial practices within the community.
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