Former Attorney General Anil Nandlall says that circulars from the Bank of Guyana (BOG) on February 2nd to cambios fixing the spread between buying and selling rates is ultra vires of the law.
The BOG wrote both bank and non-bank cambios fixing the spread between the buying and selling rates at no more than $3. The BOG in the circular said it was taking this action to “improve the efficiency, depth and liquidity of the foreign exchange market and in accordance with section 7 of the Dealers in Foreign Currency (Licensing Act) 1989”.
In a statement yesterday, Nandlall said that this action by the Central Bank is beyond the powers set out in the Dealers in Foreign Currency (Licensing Act) 1989.