Speaking before a room of mainly business officials and members of the private sector at the new Guyana Marriott Hotel, President Donald Ramotar announced on Wednesday that once he is re-elected he will issue more commercial banking licenses.
He believes the move could allow increased competition in the banking sector which will then trickle down to persons seeking loans and looking to get involved in business development.
New banking licenses have not been issued in close to 20 years and the President is convinced that it may be time to be moving in that direction.
He told the attendees at the Guyana Manufacturing and Services Association (GMSA) Candidates forum that the government will search for reputable banks and bring them into Guyana.
He said it is his hope this will help the private sector greatly since he is convinced that by stimulating more competition, the interest rate will come down considerably and consumers will benefit.
The President said too many of the commercial banks have been practicing “too much conservatism” and he wants to change that by adding more competition.
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