CARICOM to employ lobbyist to help de-risk banking sector

CARICOM leaders have agreed to employ the services of a lobbyist to help the region deal with the issue of de-risking in the banking sector.
Antigua and Barbuda’s Prime Minister Gaston Browne, who is leading the region’s response to the issue, spoke with reporters as regional leaders end their two-day inter-sessional summit in Guyana on Friday.
Mr. Browne, who is also the Chairman of the Committee on Correspondent Banking, said there was an informal stay in banks de-risking.
Mr. Browne said while there is no formal agreement to that effect, the region has not seen or heard any notice for further de-risking.
Correspondent banks are mainly large, international financial institutions in the US, Europe and Canada.
They provide Caribbean states with vital access to the international financial system, by offering services to smaller, domestic banks and financial institutions to complete international payments and settlements.

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