US dollar slips due to seasonal remittances
Stabroek News
December 12, 2002
The US dollar has slipped in value in recent weeks as remittances increase
for the holiday season and have to be changed into Guyana dollars.
Yesterday the US dollar was selling at an average of $195 and being bought
at banks at $185 and at cambios in the city at an average of $190.
A visit to four banks and four cambios yesterday revealed the following;
Banks/Cambios
Currency
Buying Selling
Citizens Bank
US
187
195
Sterling
245
278
Canadian
115
126
National Bank
US
185
195
of Industry
Sterling
273
295
and Commerce
Canadian
113
125
Guyana Bank for
US
186
193
Trade and
Sterling
245 265
Industry
Canadian
115 120
Scotia Bank
US
185 195
Sterling
245 270
Canadian
109 125
Swiss House
US
191 195
Sterling
288 292
Canadian
118 122
Sookraj
US
190 194
Sterling
283 292
Canadian
117 122
Commerce House
US
190 195
Sterling
287 293
Canadian
118 123
Blue Flame
US
190 195
Sterling
287 293
Canadian
118 123
According to the Bank of Guyana Foreign Exchange Market Activities in the
December 1, Sunday Stabroek, the notes were being bought at that time at
some banks for $187 and selling for as high as $197. At the five largest
non-bank cambios the average to buy US dollars was $192.20 and for selling
US$195.20.
Despite the recent seasonal decline, cambio dealers predicted that after
Christmas it was likely the US dollar would increase once more and may
soon pass through the significant $200 mark.
Noteworthy was the significant spread in buying and selling rates for the
pound sterling. At the cambios checked it was being bought for between
$245 and $287 and being sold at between $265 and $295. The spreads at the
commercial banks ranged between $20 and $33.
