Sunday, April 12, 2009

Guyana Times editor praises govt.

Our financial system is soundI AM convinced that the financial system is sound in Guyana. Another of Guyana’s many banks, Guyana Bank for Trade and Industry (GBTI), has achieved a profit of some $940M even as the world is going through a financial crisis.

What is even more interesting is that the bank has invested some $2.6B for building a head office which will be completed by the end of this year. I have also noticed that there was a significant increase in the bank’s loan portfolio which has increased by a rate of $31.6%.

I sure hope that the critics of the financial system are taking note of this development. Isn’t this evidence that Guyana’s financial system is sound? Even after the financial downturn began last year, GBTI was still able to open another outlet at Diamond/Grove.

Some may wish to argue that the CLICO debacle has shown how vulnerable Guyanese are but the truth is that we are not much affected compared to some other countries.

I do believe that the financial crisis that is being experienced in other parts of the world could in fact be of advantage to us in Guyana because of our vast resources such as our agricultural base. On the contrary, Guyana could yet again emerge as the “Breadbasket of the Caribbean” because of this crisis!


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