Gov’t trying to ‘drag’ banking sector ‘out of the stone ages’ – Jagdeo

Vice President Dr. Bharrat Jagdeo said the government has been working with the local banking sector, hoping to get the players to modernise operations and embrace more modern financial instruments.

The Vice President spoke about the banking sector as he participated in a discussion on Tuesday at the Guyana Energy Conference and Supply Chain Expo held at the Marriott Hotel in Kingston, Georgetown.

According to Jagdeo, there is much room for improvement in the banking sector and it is believed that a reluctance to embrace modern financial instruments in the sector may slow down the pace of development unfolding in the economy.

Financial laws to be updated in push to improve banking sector – President

“That is why we are trying to drag it out of the stone ages into an environment that is appropriate to support the expansion in the real sector,” the Vice President said.

Modern developments needed in the banking sector are being increasingly discussed.

Guyana’s President Dr. Irfaan Ali is among those who urged players in the sector to modernise banking.

And at the 2023 edition of the Guyana Energy Conference, Finance Minister Dr. Ashni Singh vowed that laws and/or regulations hindering local banks from issuing more loans would be amended if identified by the banking sector.