The Government of Guyana is closely examining foreign-exchange demand after commercial banks reported more than US$200 million in outstanding requests for foreign currency.
President Dr Mohamed Irfaan Ali said the Government is working with the commercial banking sector to understand what is driving the increase and whether the demand is entirely driven by legitimate economic activity. He added that some requests have been carried over from previous months because banks were unable to meet all monthly demand.
The review comes as Guyana’s economy continues to expand, increasing demand for US dollars among businesses, consumers and other economic participants. According to figures released by the Department of Public Information, total foreign-currency availability reached approximately US$3.115 billion in the first six months of 2026, a 27.7 per cent increase on the US$2.440 billion recorded in the same period of 2025.
Commercial banks purchased about US$2.279 billion of foreign currency in the first half of this year, compared with US$1.798 billion in the corresponding period last year. Foreign-currency injections also rose, from US$642 million in the first half of 2025 to approximately US$836 million in the first six months of 2026.
Despite the significant increase in supply, demand has continued to grow. President Ali said the Government is therefore examining the composition of outstanding requests rather than looking only at the overall amount sought.
Part of the assessment will focus on major corporate users of foreign currency, including regional and multinational companies. The Government is examining transactions such as profit repatriation and requests for US dollars to finance new investments, equipment, and other capital expenditure.
Dr Ali explained that a company might require foreign currency for two purposes—transferring earnings overseas and seeking additional dollars to fund expansion within Guyana. The Government is examining how these demands interact in the local foreign exchange market.
Consumer spending patterns are also being considered. One indicator the President highlighted is the sharp rise in credit-card settlements. Transactions increased from roughly US$140 million in 2024 to approximately US$430 million in 2025. During the first part of 2026, the figure had already reached about US$356 million.
The Government is also looking into whether foreign currency could be directed toward activities other than those for which it was originally requested. However, President Ali has not concluded that such practices are taking place and said the assessment is still ongoing.
Demand is expected to remain substantial through year-end. Current projections place foreign-currency requirements from 10 September to December at approximately US$1.575 billion. The estimate includes about US$354 million for the remainder of September, followed by US$385 million in October, US$400 million in November and US$436 million in December.
The President said the Government will continue discussions with commercial banks after his return from the United Nations. The objective is to obtain a clearer picture of where foreign-currency demand is coming from, how the funds are being used, and whether existing supply mechanisms are adequately supporting the country’s expanding economy.
The review comes against the backdrop of measures introduced last year to improve foreign-exchange monitoring. These measures included requiring supporting invoices for foreign-exchange requests, verifying imports using customs documentation, strengthening coordination between commercial banks and the Bank of Guyana, and increasing oversight of transactions that could contribute to capital flight.
With foreign-currency supply increasing alongside economic activity, the Government’s latest assessment focuses on understanding the structure of demand and ensuring that available foreign exchange is channelled transparently and efficiently through the economy.