Loss of correspondent banking will pose serious threats to the Region – Guyana PM

Guyana Prime Minister, Brigadier (Ret’d), the Honourable Mark Phillips (r) at the meeting (Photo via DPI)

(Department of Public Information Pres Release) Prime Minister (of Guyana), Brigadier (Ret’d), the Honourable Mark Phillips (20 April) stated that the loss of correspondent banking, increase of the unbanked and disruption of the flow of remittance will pose serious threats to the economic and social stability of the Caribbean.

The senior government official made the statement while addressing a Caribbean Financial Access roundtable discussion (Wednesday) in Bridgetown, Barbados.

The Prime Minister joined several CARICOM leaders at the meeting and they all voted unanimously to launch an annual US-Caribbean Banking Forum roundtable meeting.

“Madam chair the loss of correspondent banking and the increase of the unbanked is a security challenge to the Caribbean, and I’m happy that we’re discussing this and we have arrived at a position where we will have this annual roundtable to deal with the challenges, it will be an opportunity for us to share ideas and cooperate as we move forward.”

The Prime Minister added that Guyana is particularly interested in increasing correspondent banking, more so because the oil and gas economy will “propel us towards becoming an international financial centre”.

Read more at: Department of Public Information

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