The Bank of Guyana has announced that only banks (authorised dealers) and non bank cambios licensed under the Dealers in Foreign Currency (Licensing) Act 1989 are authorized to conduct buying and selling of foreign exchange.
The Dealers in Foreign Currency Act (Licensing) Act 1989 states that foreign currency can only be bought and sold from a licensed authorised dealer. Section 17 (1) of the Act states that “any person who sells to any person other than a licensee or authorised dealer, any foreign currency shall be liable on summary conviction to a fine and imprisonment for one year”.
Section 17 (2) states that “any person not being an authorised dealer who buys or sells any foreign currency shall be liable on summary conviction to a fine and imprisonment for three years”.
Moreover the Bank of Guyana said that it notes with concern that foreign exchange activities are being conducted outside of the official legal system and emphasises that any person caught contravening the Dealers in Foreign Currency (Licensing) Act 1989 will be prosecuted.