Commercial banks in Guyana granted over $22Bn in COVID-19 relief for 2021
Commercial banks in Guyana granted over $22Bn in COVID-19 relief for 2021
In light of the economic pains unleashed by the COVID-19 pandemic, commercial banks on the advice of the country’s regulator, the Bank of Guyana, have provided more than $22Bn in COVID-19 relief to cushion the blow to the economy.
According to the Bank of Guyana’s 2021 Half Year Report, Citizens Bank Guyana Inc. granted $12Bn in relief to sections of the economy, while Guyana Bank for Trade and Industry (GBTI) granted $6Bn and Bank of Nova Scotia granted $4.2Bn. Collectively, they account for $22.2Bn of total relief measures granted at the end of June 2021 by the banking sector.
Expounding further, Central Bank said the services sub-sector continues to receive the largest portion of relief, with 60.2% (G$16.5Bn) of total relief granted at the end of June 2021. The real estate mortgages sector received 19.9% (G$5.5Bn) of total relief followed by the manufacturing subsector with 11.6% (G$3.2Bn).
As for relief granted to the households sector, this represented 3.1% (G$846Mn) of total relief granted and 2.5% of total loans to the households sector.
The Bank of Guyana was keen to note that it will continue to monitor the developments in light of COVID-19 relief and take all necessary steps to protect the safety, soundness and stability of the banking system.
