WASHINGTON, DC, USA (CMC) —Chairman of the Caribbean Community (CARICOM), Prime Minister Dr Timothy Harris of St Kitts-Nevis, says one of the biggest economic and financial challenges facing the 15-member grouping is the practice engaged by the large global commercial banks to terminate their correspondent banking services.
Harris, speaking at the National Press Club here, said that the global commercial banks were also offering their services at unconscionable high rates.
“The practice has a harmful effect on the flow of remittances from those living and working abroad to their loved ones and business associates at home who rely on this source of funds to provide for their sustenance.
“The practice has a harmful effect on commercial trading activity that disrupts the flow of payments for services rendered. What was once an overnight bank-wire transfer of funds from the US is now taking as many as three months, or more, for delivery,” said Harris, who earlier participated in a two-day Caribbean Central Bank forum organised by the World Bank Group on the digital economy in the Eastern Caribbean.
Read more at: Jamaica Observer
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