President Bharrat Jagdeo on Monday urged Caribbean indigenous banks to close the spread between interest rates for deposits and loans, warning that if they do not become more competitive, banks from outside the region could take their business away.
He also pressed them to make their services more available to small and medium enterprises for the economic growth of the region.
The President was speaking at the opening ceremony of the Caribbean Association of Indigenous Banks (CAIB) held at Le Meridien Pegasus. The three-day meeting and conference at the Guyana International Conference Centre ends later today.
According to Jagdeo, small and medium enterprises are absolutely necessary and they can become loyal clients. He called for the banks to provide advisory services to potential clients so that they could make informed choices.
He spoke of the need for the banks around the region to share information, which could be potentially valuable in guarding against bad creditors who skip from bank to bank.
Speaking on the need to adjust the spread, Jagdeo said: “People will choose