A striking development in Guyana’s foreign exchange market for the first half of 2025 was the sharp widening of the gap between bank and non-bank cambios, signalling uneven pricing and growing spreads even as the official rate remained unchanged.
According to the Bank of Guyana’s 2025 Half-Year Report, the Guyana dollar mid-rate used for official transactions stayed fixed at G$208.50 at the end of June 2025. However, the weighted average mid-rate depreciated by 1.4 per cent, moving from G$215.12 at the end of June 2024 to G$218.07 by June 2025.
At bank cambios, the average buying rate for the US dollar edged up to G$214.15 from G$213.87, while the selling rate increased to G$216.03 from G$215.52 over the same period last year. Non-bank cambios recorded sharper movements, with the average buying rate rising to G$217.59 from G$213.80, and the selling rate climbing to G$221.91 from G$216.96.
These movements resulted in notable differences across the market. The spread at banks stood at G$1.87, significantly lower than the G$4.32 spread recorded by non-bank cambios. Overall, the total market spread widened to G$3.30, up from G$2.61 at the end of June 2024.
The gap between banks and non-banks also expanded considerably. The difference in buying rates rose to G$3.44 from just G$0.07 a year earlier, while the difference in selling rates widened to G$5.88 compared with G$1.44 in the corresponding period in 2024.
Regionally, the Trinidad and Tobago dollar remained relatively stable at TT$6.74 by the end of June 2024. Meanwhile, the Jamaican dollar depreciated by 1.8 per cent against the US dollar from the previous quarter, settling at J$159.64. Exchange rate regimes in Barbados, Belize and the Eastern Caribbean continued to remain fixed.
The figures point to growing price differences within Guyana’s foreign exchange market, even as the official rate remains stable, highlighting the importance of monitoring spreads and pricing behaviour across cambios.
