And keeping with the topic of the inter-sessional CARICOM meeting that will take place on Tuesday and Wednesday between the heads of Government, a committee of Finance Ministers established by the heads of Government met this morning to discuss a regional response to the threat to the banking sector in CARICOM member states.
The topic of the correspondent banking relationships and the possible loss of access to the international financial markets by mainly the Regional indigenous banks is an issue that is affecting several CARICOM member states and has become an important topic to be discussed in the inter-sessional CARICOM meeting set to take place later in the week. Several international banks, mainly in the US and Europe, have signaled to client banks in the Region an unwillingness to continue carrying their business, an action referred to as ‘de-risking’ which threatens to impact several important services including remittance transfers.
The committee of Financial Ministers is chaired by Antigua and Barbuda’s Prime Minister and Minister of Finance Hon. Gaston Browne, and is expected to lead the response to the correspondent banking issue. The Committee is supported by leading regional institutions including the Committee of Central Bank Governors (CCBG), the Caribbean Association of Banks (CAB) and the Caribbean Financial Action Task Force (CFATF)
Any possible resolutions reached by the Committee’s meeting this morning are expected to go before the Heads during their deliberations on Tuesday and Wednesday at the meeting.
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