Guyana banking sector maintains interest rate among lowest in the world

Having one of the Caribbean region’s and wider world’s lowest interest rates on mortgage, Guyana’s macroeconomic context steadily oversees the responsiveness of commercial banks towards citizens and clients thereof. In acclimatising citizens to expanding housing schemes and by extension, homeownership, Minister within the Ministry of Housing and Water, Susan Rodrigues, expressed during her weekly ‘Making The Case’ segment that access-to-credit and access-to-finance initiatives were engaged by the government of Guyana. Alongside the public sector, other banking entities and non-depository financial institutions were crucial in the unprecedented COVID-19 pandemic, where rising energy costs and disrupted supply chains adversely affected the investment climate. In this regard, the Inter-American Development Bank (IDB) commended the execution of policy solutions to stabilise the volatile inflation rate. Subsequently, negotiations with the New Building Society (NBS) for instance, allowed soldiers an interest rate payable at 3.5% for loans below $4 million, and 3.75% once below $8 million, one of several major initiatives the government has developed to stimulate economic progression and the livelihoods of Guyanese homeowners.

Source(Department of Public Information)

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30 Dec 2022 15:00 | by anaraine

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