Guyana is tightening up its forex policy.

Guyana’s government is bringing new rules to control the outflow of US dollars from the country.

This comes as Guyana’s Central Bank has already pumped US$1.2 billion into the forex market so far this year. And there’s still US$160 million pending. 

President Irfaan Ali said that companies that want large amounts of  US dollars must show invoices and other proof before they can get the money. If they cannot show the paperwork, their requests will be denied. 

Commercial banks must also now start to monitor credit card usage to ensure they are being used for personal rather than business transactions. The Government said that in 2023, total credit card clearance was about US$91 million. That surged to US$347 million last year, and is already up to US$252 million in 2025.

They want to keep everything fair and ensure that companies aren’t taking advantage of weak spots in the rules. Plus, according to the Guyanese government, some businesses have been getting US dollars and then sending it out of Guyana.  Maybe to countries that are in a tight spot with US dollars right now? But I won’t call any names. 

On the other hand, the government said it recognises that a lot of companies are working on big projects such as roads, bridges, and energy plants, which do need funds.

That’s why they’re implementing procedures to keep track and make sure everything is on the up and up.

These projects need a lot of foreign currency to pay for goods and services from outside the country. Because of this, requests for US dollars have gone up quickly.

Vice President Bharrat Jagdeo said Guyana is not in a forex crisis and still has strong foreign reserves as money is flowing steadily into the country.

He said that once the big construction projects are finished, the demand for forex will go down on its own.

And that’s the bottom line.