Introduction
The American saying, which originated in the early 1970s postulates that: “if it isn’t broke don’t fix it” comes to mind every time I have to ponder reflexively on Guyana’s present-day hodge- podge ensemble of exchange rate arrangements. The saying basically admits to the underlying fact that, the de facto exchange rate mechanisms do work, by whatever miracle one invokes, but that remains a mystery. Seeking to repair them may cause unseen and unwanted harm.
In today’s column I explore these mechanisms in Guyana’s exchange arrangements. Further, I am fully aware that efforts in the direction of seeking to address them might perversely excite unintended issues of momentous concern, which are linked to the direction of likely future reforms.
