Government considering re-establishing of a national bank

The Barbados government is considering re-establishment of a national bank with Prime Minister Mia Amor Mottley indicating that she thinks the sale of the Barbados National Bank was a mistake.

Prime Minister Mottley addressing Barbadians living in New York said the difficulties people here are having with the foreign-owned banks may make it necessary to have a domestic banking presence.

Prime Minister Mottley said the foreign banks are excluding some individuals and businesses and it’s not just happening here.

Image result for jeremy stephens barbadosEconomist Jeremy Stephen, a university of the West Indies lecturer in banking and finance, sees benefits to having a national bank but also believes the credit unions can provide an option.