Roraima Airways now accepting payments in G$

High foreign exchange rate

In light of the recent unpredictability of the exchange rate for the US dollar, Roraima Airways has announced that it is accepting payment in Guyana dollars for airline tickets and related services at the exchange rate applicable and mutually agreed upon on the day of the transaction. This includes tickets bought for travel on Dynamic International Airways.

The company has also said that those travel agents who are remitting payments for tickets sold on Dynamic International Airways are encouraged to remit these payments in United States dollars, based on the fact that these agents might have access to United States dollars at competitive exchange rates. However, Roraima will accept remittances from travel agents in Guyana dollars at a mutually agreed exchange rate to the US dollar.

Further, Roraima Airways has said it notes the efforts of the Government of Guyana to stabilise the exchange rate, and will monitor the rate over the coming weeks with a view to determining whether the rate needs to be adjusted.

“We have been in discussions with Dynamic, and the airline is committed to maintaining its competitive airfares of USD$579, which are currently the lowest offered on the Guyana/New York route. The airline is also committed to working with the rates locally available,” Roraima’s Chief Executive Officer, Captain Gerry Gouveia, has disclosed.

Gouveia also pointed out that Dynamic remains fully committed to its investment in, and service to, Guyana; and will continue to contribute to various social development efforts, in keeping with its good corporate citizenship.

The Guyana Manufacturing and Services Association (GMSA) last week estimated that the real exchange rate, when available and used for the purchase of foreign exchange, is Gy$230 to US$1 for the replacement of imported inputs into the sectors.

The body said it has considered the issues affecting the manufacturing sector, including the reported deteriorating rate of the Guyana dollar and dire impacts it will have on business and employment, and is accordingly encouraging all of its sectors to implement cost-cutting measures. The GMSA has noted that some entities have started to rationalise employment.

But Government quickly dismissed this claim, saying that the GMSA rates are far from reality. The Bank of Guyana (BoG) has said that the rate quoted by GMSA is not a uniform transaction rate, but is rather the online rate charged by one of the largest commercial banks in Guyana for its credit and debit card transactions, and it represents a very small share of the cambio market transactions.

Meanwhile, on Friday, following a meeting with bankers, Finance Minister Winston Jordon declared that the Administration has noted with concern that US dollar account holders are hoarding, and causing confusion by applying for transfers.