-lower gold price, delayed Venez. rice deal blamedOne of Guyana’s biggest banks has expressed worry over the economy which it said has slowed down during the first half of this year and has placed pressure on the exchange rate.The Guyana Bank For Trade and Industry Limited (GBTI),China Jerseys Free Shipping, in its half yearly unaudited report for the period ending June 30, 2013, also spoke of the effect of the present political circumstances which has made it difficult to pass legislation to comply with the Anti-Money Laundering and the Countering of the Financing of Terrorism requirements.GBTI’s Chairman, Robin StobyThese are requirements of the Caribbean Financial Action Task Force (CFATF), the regional regulatory body that oversees what measures countries have taken to counter money laundering.“This has very serious implications for our banks by extension our customers who make and receive international payments,” GBTI’s Chairman, Robin Stoby, S.C., said in his report published in Kaieteur News yesterday.Guyana has until August month-end to pass new legislations for November review. Failure by Guyana to take a number of actions to show its seriousness about countering anti-money laundering could lead to sanctions.According to GBTI, in 2012, because of the under-performance of the economies of most of the developed world and especially the state of the US economy,Cheap Jerseys Free Shipping, the US dollar lost its position as the preferred store of value and was replaced by gold.“As a consequence, gold prices soared in 2012. With record production by our gold mining sector our economy benefitted significantly.Recently, however,Jerseys NFL China, with the outlook for an upswing in the US economy and projections of a policy shift by the Federal Reserve in 2013, gold prices have dropped to below US$1,200 per ounce from a high of over US$1,900 per ounce.”This along with a delayed signing of a new contract with Venezuela to supply that country with rice and paddy, low production of sugar in the first crop of 2013 and National Budget that was cut by $31B, have helped to slow the economy down, affecting the exchange rates.However, Stoby said, there have been some positive signs.“Thankfully, there have been some improvements as a new contract has been concluded with Venezuela,Wholesale Jerseys China, gold prices have recovered slightly and the second crop for sugar has begun.”For the bank,Discount NFL Jerseys, the past six months has been marked by a slowing of the rate of growth for its loan portfolio. This would come at the same time when deposits exceeded expectations increasing liquidity.“This increasing liquidity has challenged our asset/liability management strategy,” the bank’s Chairman said.But despite this, GBTI remained strong, reporting a net profit after tax of $1.02B. This represents a 35% increase over the corresponding period of 2012.For the first six months, GBTI said it earned $2.3B in interests compared to the $1.9B over the same period last year.It cash resources was $18.9B compared to $32.7B last year while investments were $30.9B against the $10B.Loans and advances rose to $36.8B, from $28B.GBTI has a network of nine branches spanning the country. It also has 18 ATM and 125 Point of Sale locations. With 1,Wholesale Nike NFL Jerseys,800 shareholders, the bank is controlled by the Beharry Group which owns just over 60 percent.
