The Bank of Guyana (BoG) has urged banks to consider the reduction of interest rates on loans and a deferral of repayments as part of measures to cushion the expected financial effects from the novel coronavirus (COVID-19) pandemic on both individuals and businesses.
The call was made on Friday in a letter sent by BoG Governor Dr. Gobind Ganga to the Guyana Bankers Association Inc.
In the letter, a copy of which was seen by Stabroek News, Ganga notes the “likely economic and financial fallout” that may be caused by COVID-19, particularly to the banking system.
