The Caribbean Association of Banks (CAB) paid an official visit to the CARICOM Secretariat in Guyana as well as the Central Bank of Guyana, July 6-7, 2017.
The CAB was represented by six (6) Directors of the Association: Ms. Joanna Charles – Chairperson, Mr. Rolf Phillips, Mrs. Evelyn Wayne, Mr. Mark Anderson, Mr. Richard Sammy and Mrs. Mary Popo, the Secretary to the Board.
The Directors first met with Mr. Irwin LaRocque, CARICOM Secretary- General, Mr. Joseph Cox, Assistant Secretary- General, Trade and Economic Integration.
Following this meeting, they met with, Dr. Gobind Ganga, the Governor of the Central Bank of Guyana as well as Mr. Ramnarine Lal, Director, Banking Supervision Department of the Central Bank of Guyana.
Discussions with the CARICOM Secretariat and the Central Bank of Guyana focused on issues of great importance to the financial services sector and the growth and development of regional economies. The discussions focused on:
- The importance of the financial sector in facilitating trade in goods and services, remittances and investments;
- The development of a regional payments system which should: reduce reliance on international correspondent banks; reduce the length of the regional payments chain; and improve settlement times;
- Harmonization of the Region’s regulatory and legislative framework to provide a more effective enabling environment for the financial services industry;
- Solutions which could be pursued in an effort to address the correspondent banking issue; and
- Strengthening collaboration between the CAB and the CARICOM as well as the Central Banks in the Region on matters of common interest.
In recognition of the unprecedented challenges being faced by the industry, and given the important role of banks in financial intermediation, economic growth and the overall development of the Region, the CAB has made it a priority to collaborate with key stakeholders in the industry.
The Directors also took the opportunity to visit some of the Association’s members in Guyana and to listen first hand to some of their concerns and challenges as well as to share best practices.