In an effort to help individuals and businesses grapple with the effects of the Coronavirus outbreak, Central Bank is strongly encouraging commercial banks and other financial institutions to offer relief by reducing interest rates on loans and credit cards as well as deferring loan payments to assist customers in good standing.
In a circular that was seen by Guyana Standard, the Central Bank said that financial institutions should also defer loan payments by companies to assist with their liquidity requirements; and waive or reduce fees / penalties for transactions with ATMs, point of sale, debit cards, and loan processing. It also recommended that fees be waived or reduced for late payments on loans. Further to this, Bank of Guyana said that financial institutions should encourage customers to reduce in-person transactions by using e-banking, ATMs or point of sale.
For affected sectors, the supervisory authority said it will allow banks to renegotiate credit facilities; grant a three month moratorium to classify affected accounts as non performing; ensure foreign exchange continues to function to satisfy legitimate needs and encourage compliance with its latest circular on Cambio operation. Bank of Guyana said it will also continue with an accommodative monetary stance to promote sustained growth and development of the economy.