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Representative of the Inter-American Development Bank, Marco Nicola, believes there is need for a reform of Guyana’s financial sector.In a recent interview with this newspaper, the official said that, as a result,Cheap Authentic Jerseys, the bank, in December, will be submitting a project to its board of directors aimed at reforming the local financial sector.This reform, Nicola said, will be aimed at altering the regulation so as to make the financial sector dynamic and responsive to people’s needs.He noted that the financial sector is sound but not very dynamic, because the cost of transactions for getting a loan and the spread between the deposit and lending rate is very high.In this regard, he reiterated the need for things to be done to make the sector more responsive to the people.“You need a loan, and you can’t access it because you don’t have your guarantees, because to get those guarantees is very expensive.”According to Nicola, not only banks should be viewed as the financial system,Wholesale Jerseys China, but also institutions that facilitate the working of the financial system.He noted that leasing in the financial sector is not something that exists locally, whereby someone can lease equipment and pay by installments.He pointed out that Guyana is a cash economy. “The system of payment is based on cash, when there are so many other instruments.“It is a matter of technology, I can hardly pay with my American credit card here…It’s a matter of credit information,China NFL Jerseys, it’s a matter of the bank taking responsibility for their clients.“We don’t have security, and that is why we are a cash economy.”Nicola also said that,Wholesale Jerseys, in many instances,Cheap NHL Adidas Jerseys, business can be conducted differently, but Guyanese have a ‘cash culture.’“I think a good balance between good regulation,NFL Jerseys Outlet, risk management, and good bank supervision would be a good recipe for a more dynamic financial system,” Nicola contended.This newspaper understands that the reform programme will take the form of a Policy-Based Loan (PBL) to support the implementation of the recommendations of the 2006 Financial Sector Assessment Program (FSAP).Preliminary areas would include strengthening of financial institutions’ supervision, improving small-scale access, and upgrading credit infrastructure.The estimated total cost is US$10M.
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