BOG asks banks to reduce interest rates, defer loan payments, waive atm fees
—In light of COVID-19 emergence
— payment deadlines at Scotia Bank, GTT extended
DPI, Guyana, Friday, March 20, 2020
Local financial institutions being encouraged by Bank of Guyana to offer relief to customers to counteract the economic and financial fallout of COVID-19.
The measures include reduced interest rates on loans and credit cards; deferred loan payment loans, waived or reduced fees for banking transactions and reduced in-person transactions.
Measure for affected sectors include allowing banks to renegotiate credit facilities, offer three months moratorium for non-performing accounts, ensure foreign markets continue to function legitimately and guarantee an accommodative monetary stance to ensure continued economic growth
The Bank of Nova Scotia (Scotia Bank) and Guyana Telephone and Telegraph Company are facilitating delayed bill payments.
The implementation of this measure comes in light of the recent recommendations by the Ministry of Public for citizens to practice social distancing and to stay indoors unless transacting essential business due to the presence of the novel Coronavirus (COVID-19) in Guyana
Consideration is also being given to those persons who would have been quarantined.
Scotia Bank had announced that from March 23, 2020, they will offer assistance to customers who have been impacted by COVID-19. Their loan payments can be deferred for six months – with an initial period of three months with the possibility of extension for a further three months.
According to a release issued by the bank, the deferment period covers loan payments including mortgages, auto loans, personal loans, credit cards and lines of credit.
Meanwhile, GTT has been proactive in promoting social distancing.
In release GTT’s Public Relations and Corporate Communications, Jasmine Harris stated that the company’s retail outlets will be open, however, to ensure the safety of customers and employees, there will be a reduction in work hours.
The GTT outlets will be open from 8am to 1pm on weekdays.
Also, an additional 230 Mobile Money agents have come on board to provide this service to GTT customers all across the country and ensure the process of bill payment is made more convenient.
As of April 17, 2020, the new bill payment deadline will be the seventeenth day of every month.
Persons are being encouraged to withhold transacting non-essential business until further notice. This will reduce longs queues at banks and other places of business.