GUYANA | Loss of correspondent banking will pose serious threats to the Region -PM

GUYANA | Loss of correspondent banking will pose serious threats to the Region -PM

GEORGETOWN,  Guyana, April 20, 2022 - Prime Minister, Brigadier (Ret’d), Mark Phillips says the loss of correspondent banking; an increase of the unbanked and a disruption in the flow of remittance will pose serious threats to the economic and social stability of the Caribbean.

The Guyana prime minister made the statement while addressing a Caribbean Financial Access roundtable discussion today in Bridgetown, Barbados on De-Risking and Correspondent Banking.

The event was co-hosted by Chair of the US House Committee on Financial Services Congresswoman Maxine Waters (D-CA) and Barbados  Prime Minister Mia Mottley.

Waters is accompanied by members of the Financial Services Committee and other members of the US House of Representatives.

The Guyana Prime Minister was a part of several CARICOM leaders at the meeting who 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,” prime minister Phillips said.

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.”

Correspondent banking facilitates country-to-country services and acts as an intermediary to facilitate wire transfers, conduct business transactions, accept deposits and gather documents on behalf of other banks.

Guyana’s participation in the one-day roundtable discussion on de-risking and correspondent banking came at a request from the Prime Minister of the Republic of Barbados, Mia Mottley.

Other CARICOM Heads of Government, the CARICOM and OECS Secretaries-General and the President of the Caribbean Development Bank are also expected to attend.

The Roundtable Discussion on De-Risking and Correspondent Banking follows a number of engagements between CARICOM and Congresswoman Maxine Waters on the matter since 2019.

The other regional leaders at the event include: Suriname President, Chandrikapersad Santokhi; Prime Minister of Trinidad and Tobago, Dr. Keith Rowley;  Prime Minister of Belize, John Antonio Briceño; Prime Minister of Dominica, Roosevelt Skerrit; Prime Minister of Grenada, Keith Mitchell; Prime Minister of St Lucia, Philip Pierre and the Premier of the Cayman Islands, Wayne Panton. They expect to be joined by Ministerial representatives from Jamaica and St Vincent and the Grenadines.

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Prime Minister of Trinidad and Tobago, Dr Keith Rowley, departed for Barbados where he will participate in a series of talks with high-level U.S. Representatives.

On Tuesday, Rowley will meet with U.S. Senator Chris Dodd who has been named the Special Advisor for the Summit of the Americas by US President Joseph Biden.

Senator Dodd is also expected to meet with other CARICOM Heads in Barbados.

On Wednesday, Rowley will attend a roundtable discussion on De-Risking and Correspondent Banking.

The event will be co-hosted by US Congresswoman Maxine Waters (D-CA), Chairwoman of the US House Committee on Financial Services, and Prime Minister of Barbados, Mia Mottley.

Waters will be accompanied at the meeting by members of the Financial Services Committee and other members of the US House of Representatives.

Other CARICOM Heads of Government, the CARICOM and OECS Secretaries-General and the President of the Caribbean Development Bank are also expected to attend.

The Roundtable Discussion on De-Risking and Correspondent Banking follows a number of engagements between CARICOM and Congresswoman Maxine Waters on the matter since 2019.

Rowley met with Waters during a visit to Washington D.C. in 2019 and held a meeting with her in March 2021, during Trinidad and Tobago’s Chairmanship of the Conference of Heads of Government of the Caribbean Community (CARICOM).

Minister of Foreign and CARICOM Affairs, Senator Dr Amery Browne will accompany the Prime Minister on this trip.

Minister of Finance Colm Imbert will act as Prime Minister Rowley’s return. (Trinidad Express)

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