Macroeconomic Forecast Guyana

BMI View: Guyana's foreign reserves are continuing to increase apace due to an improving balance of payments situation, jumping to US$652.1mn in May, which is a 48.8% year-on-year rise. With ample reserves, we believe the government will have no problem maintaining its peg to the dollar, fixed in a tight range around GYD203.00/US$ since Q307. Also, based on our forecasts for import demand in 2010, we project current reserves to provide six-and-a-half months of import cover.

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