Macroeconomic Effects of a Government Overdraft on Its Central Bank Account

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Published by Anonymous (not verified) on Wed, 08/05/2024 - 2:59am

The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for the auctioning of Treasury bills to create the liquidity reflux necessary to refill the account.