Ramotar promises more Commercial Banks Licenses to be issued under new PPP govt.

President Ramotar 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.

Ramotar promises more Commercial Banks Licenses to be issued under new PPP govt.

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.

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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.

 He said a new government under his watch would also push for more development banks that will offer additional help for the business community.
The GMSA started the lunchtime presidential candidates forum in the run up to the 2011 national elections.
The event gives members of the business community the opportunity to interact with the leading presidential candidates in an effort to get a better understanding of their plans and policies.
APNU+AFC Presidential Candidate, David Granger addressed the forum three just over a month ago.

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