Monday, December 4, 2023
  • Contact Us
The Caribbean Post
Advertisement
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad
No Result
View All Result
The Caribbean Post
No Result
View All Result
Home Business

Correspondent banking a major concern, says Barbados minister

Staff by Staff
October 2, 2022
in Business
0
Correspondent banking a major concern, says Barbados minister
2
SHARES
12
VIEWS
Share on FacebookShare on Twitter

Minister of Energy and Business, Kerrie Symmonds, chatting with Executive Director of BIBA – The Association for Global Business, Carmel Haynes while BIBA President, Jamar Arthur-Selman (left) and First Vice President, Marlon Yarde (right), looking on. (S. Austin/BGIS)

By Sharon Austin

You might also like

Cost of fossil fuels almost doubled in 2022, OECD

The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development

GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme

BRIDGETOWN, Barbados, (BGIS) – Minister of energy and business, Kerrie Symmonds, has weighed in on the financial de-risking and correspondent banking issue, saying it is of significant concern and can lead to social instability in this region.

Symmonds made the comments on Wednesday as he addressed the Luncheon Seminar of BIBA, the Association for Global Business, at the Savannah Beach Club and Hotel, Hastings, Christ Church.

The minister told the packed room: “This is a very significant and dangerous thing for us by virtue of the fact that there is the capacity to undermine commerce, undermine trade, and undermine flows of finances across borders if we do not have the correspondent banking relationships, and the correspondent banking corridors and services that we rely on.

“The correspondent banking relationships are utilised, not only by central banks, not only by commercial houses, but also by ordinary citizens….  I say to you that for me, it is a very serious thing, and if I go a step further, I would even go so far as to say that I am already sensing that it is a danger that can lead to social instability in this region.”

He noted that money transfer operators relied on correspondent banking relationships, and therefore, if families in developed countries wished to send money here to relatives living in difficult financial and social circumstances, then that inability to do so would cut those people off.

“They become stranded, and as a consequence they become a greater degree of a burden on an already overburdened social care sector,” Symmonds suggested. He added that the de-risking had already started to lead to account closures in the region, and the stranding of families who were reliant on financial assistance.

He pointed out that Latin America and the Caribbean had sustained a completely disproportionate loss of banking relationships when compared to the rest of the world.

He emphasised the importance of the prime minister’s recent testimony at the full sitting of the United States’ House of Committees meeting on the impacts of de-risking on the Caribbean and strategies for ensuring financial access in Washington. 

The minister told his audience: “The influence of the US Treasury, especially if we can get this legislated, will enable other jurisdictions who tend to follow suit, to understand the vital role that correspondent banking relationships play, and that this cannot be a matter that is trifled with because … effectively you are really toying with people’s livelihoods. And so therefore, we are anxious to see where that can go.”

During his wide-ranging address, Symmonds said change was indispensable. He added that Barbados was engineering some changes because of “our own creativity” and alluded to the deepening relations with Africa. He also disclosed that Rwanda is keen to establish a bilateral investment treaty with Barbados.

Credit: Source link

Tags: BankingBarbadosconcernCorrespondentMajorMinister
Previous Post

TSMC takes 53.4 percent of global pure-play foundry market in Q2

Next Post

Grenada caps freight charges for imported goods

Staff

Staff

Related Posts

Cost of fossil fuels almost doubled in 2022, OECD
Business

Cost of fossil fuels almost doubled in 2022, OECD

by Staff
December 4, 2023
The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development
Business

The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development

by Staff
December 2, 2023
GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme
Business

GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme

by Staff
December 2, 2023
BNPL App Cashea grows in Venezuela amid pent-up demand for credit
Business

BNPL App Cashea grows in Venezuela amid pent-up demand for credit

by Staff
December 2, 2023
FAO-WTO reinforce agrifood trade and food safety at COP28
Business

FAO-WTO reinforce agrifood trade and food safety at COP28

by Staff
December 2, 2023
Next Post
Grenada caps freight charges for imported goods

Grenada caps freight charges for imported goods

Recommended

Hew Locke: making mas with the messiness of history | Portfolio

Hew Locke: making mas with the messiness of history | Portfolio

November 1, 2022
Sandrea Maynard named new UWI Pro Vice-Chancellor Global Affairs

Sandrea Maynard named new UWI Pro Vice-Chancellor Global Affairs

January 17, 2023

Categories

  • Business (974)
  • Current News (433)
  • Education (34)
  • Entertainment (185)
    • Lifestyle (112)
    • Travel (26)
  • Health (444)
    • Recipes (350)
  • Politics (40)
  • Tech News (94)
  • World (3,486)
    • Antigua (28)
    • Aruba (30)
    • Barbados (28)
    • Barbuda (28)
    • Dominica (29)
    • Dominican Republic (29)
    • Guadeloupe (538)
    • Guyana (891)
    • Haiti (28)
    • Jamaica (28)
    • St Lucia (27)
    • Suriname (28)
    • Tobago (884)
    • Trinidad (889)

Don't miss it

Cost of fossil fuels almost doubled in 2022, OECD
Business

Cost of fossil fuels almost doubled in 2022, OECD

December 4, 2023
The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development
Business

The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development

December 2, 2023
GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme
Business

GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme

December 2, 2023
BNPL App Cashea grows in Venezuela amid pent-up demand for credit
Business

BNPL App Cashea grows in Venezuela amid pent-up demand for credit

December 2, 2023
FAO-WTO reinforce agrifood trade and food safety at COP28
Business

FAO-WTO reinforce agrifood trade and food safety at COP28

December 2, 2023
Black-Eyed Peas and Collard Greens
Recipes

Black-Eyed Peas and Collard Greens

December 1, 2023
The Caribbean Post

This is an online news portal that aims to share latest news about Africa, Caribbean and other countries of Africa with respect to business, entertainment, breaking updates and stuff like that. Feel free to get in touch!

Categories

  • Business
  • Current News
  • Education
  • Entertainment
    • Lifestyle
    • Travel
  • Health
    • Recipes
  • Politics
  • Tech News
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

Browse by Tag

announces Bank Barbados Bites Business Caribbean Caribe climate COVID COVID19 Cup day development Dominica economic energy food France global Government growth Guadeloupe Guyana Guyanas Guyanese Health Immaculate Jamaica Local man Minister National News oil police President Room Route Silicon support Tobago Tobagos trade Trinidad World

Recent News

Cost of fossil fuels almost doubled in 2022, OECD

Cost of fossil fuels almost doubled in 2022, OECD

December 4, 2023
The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development

The Green Coalition of Public Development Banks to mobilize $20B for Amazon’s Sustainable Development

December 2, 2023
GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme

GCF approves grant for CDB Blue Co Caribbean Umbrella Coordination Programme

December 2, 2023
BNPL App Cashea grows in Venezuela amid pent-up demand for credit

BNPL App Cashea grows in Venezuela amid pent-up demand for credit

December 2, 2023

2022© Design by CodingBite | Powered by LuxamaMedia.

No Result
View All Result
  • Current News
    • Politics
    • Business
  • Tech News
  • Education
  • Entertainment
    • Travel
    • Lifestyle
  • Health
    • Recipes
  • World
    • Antigua
    • Aruba
    • Barbados
    • Barbuda
    • Dominica
    • Dominican Republic
    • Guadeloupe
    • Guyana
    • Haiti
    • Jamaica
    • St Lucia
    • Suriname
    • Tobago
    • Trinidad

2022© Design by CodingBite | Powered by LuxamaMedia.