Foreign currency supply climbs to US$3.1B but demand remains strong
Foreign currency flowing through Guyana’s financial system increased sharply during the first half of 2026, but growing consumer spending, business expansion and other foreign-currency requirements continue to drive strong demand for United States dollars.
President Dr Mohamed Irfaan Ali said total foreign currency availability reached US$3.115 billion between January and June 2026, representing a 27.7 per cent increase over the US$2.440 billion recorded during the corresponding period in 2025.
Commercial banks purchased US$2.279 billion in foreign currency during the first half of 2026, compared with US$1.798 billion during the same period last year.
Foreign currency injections also increased from US$642 million between January and June 2025 to US$836 million during the corresponding period this year.
Despite the increase in availability, President Ali said commercial banks have estimated outstanding foreign-currency demand at just over US$200 million.
The figures point to the scale of foreign-currency requirements being generated as consumers spend more, companies expand their operations and businesses undertake transactions requiring US dollars.
President Ali said changing consumer behaviour is one factor contributing to the increased demand. Credit-card settlements, for example, climbed from approximately US$140 million in 2024 to US$430 million in 2025, an increase of more than 200 per cent.
Already in 2026, credit-card settlements have reached approximately US$356 million.
“That is a type of growth and difference we’re talking about.That’s just one indicator of changing patterns,” he told reporters.
Demand is expected to remain elevated during the final months of the year.
The president said projected foreign-currency demand from September 10 to the end of December stands at approximately US$1.575 billion.
This comprises projected demand of US$354 million between September 10 and 30, US$385 million in October, US$400 million in November and US$436 million in December.
Against this backdrop, the government and commercial banks are examining what is driving demand and how foreign currency is being utilised across the economy.
President Ali said particular attention is being paid to large corporate users of foreign currency, including regional and multinational companies. One area under examination is the repatriation of profits.
He explained that companies may require US dollars to send profits overseas while also seeking additional foreign currency to finance plant, machinery and other capital expansion locally.
“So, you take your profit out with US dollars, and then there’s a second demand on US dollars for a capital expenditure,” he explained.
President Ali said the government is also examining whether there is any misdirection of foreign currency or whether US dollars sourced in Guyana are being used to finance other operations. He stopped short of concluding that such practices are occurring, noting that the analysis is still underway.
The president said commercial banks have been asked to provide further information on the structure of foreign-currency demand.
“They have said to me that there were unmet demand from earlier this year. So there is some carry-forward of demand every month because they are not meeting their monthly demand,” he stated.
The government is expected to continue those discussions with the banking sector following the President’s engagements at the United Nations.
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