Guyana Vice President Bharrat Jagdeo dismissed foreign exchange crisis allegations on Thursday and attributed increased U.S. dollar demand to corporate infrastructure financing. He warned that foreign companies exploit the liberal currency system to transfer funds abroad without proper documentation. President Mohamed Irfaan Ali announced stricter oversight requiring invoice submissions for large exchange requests.
Jagdeo emphasized that foreign-owned businesses access substantial dollars without registering in the tax system. The Gas-to-Energy project will reduce fuel imports and ease currency pressure after construction ends. He maintained that capital flight concerns lack merit because economic opportunities attract strong inflows.
The administration plans to preserve open exchange markets while preventing system abuse. Jagdeo stated that new regulations target larger corporations rather than small businesses or individual users. Foreign exchange reserves remain stable despite temporary demand spikes from major capital projects.
Jagdeo emphasized that foreign-owned businesses access substantial dollars without registering in the tax system. The Gas-to-Energy project will reduce fuel imports and ease currency pressure after construction ends. He maintained that capital flight concerns lack merit because economic opportunities attract strong inflows.
The administration plans to preserve open exchange markets while preventing system abuse. Jagdeo stated that new regulations target larger corporations rather than small businesses or individual users. Foreign exchange reserves remain stable despite temporary demand spikes from major capital projects.
