– Ram, Dr. Thomas, Greenidge The recent promise by President Donald Ramotar to the business community to grant more CommercialChartered Accountant, Chris RamBank Licenses once he is re-elected has been deemed as “absolute madness”.Chartered Accountant, Chris Ram, renowned economist Clive Thomas and A Partnership for National Unity’s (APNU) Shadow Finance Minister, Carl Greenidge, all said that Ramotar’s announcement is utter foolishness.Greenidge is challenging the President to reveal to the business community, “What really is his hidden agenda in bringing more banks into the country.”At a luncheon hosted at the Marriott Hotel on Wednesday by the Guyana Manufacturing and Services Association (GMSA),Cheap Jerseys, Ramotar said that once he is re-elected, the People’s Progressive Party /Civic would grant more Commercial Bank Licenses.The President said that since 1990, the government has not given out any other commercial banking licences, because the size of the economy at the time was very small.Ramotar said that by granting more,Nike Air Max 98 Gundam For Sale, it will stimulate competition which would hopefully lead to reduced interest rates that would benefit the business community.While the banking system is doing well,Nike Roshe Run Men, Ramotar said that he still detects some amount of conservativeness,Cheap NFL Jerseys, but assured his audience that government would definitely seek out reputable banks to improve this situation.Yesterday,Wholesale Jerseys, Ram recalled that Government had argued that there were enough commercial banks in the country to satisfy certain demands. However,Nike Air Max 1 Ultra Flyknit Womens, the President’s statements leave him with no choice but to concludeAPNU’s Shadow Minister of Finance, Carl Greenidgethat “Ramotar was talking off the top of his head.”“It is absolute nonsense,” the accountant contended.He said, “Saying that bringing in new banks will bring down interest rates, is like saying that the Marriott Hotel will bring new tourists. It is such a foolish thing to say.”The Chartered Accountant argued that what the government needs to do is encourage competition among the banks that are already in Guyana. He said that it is more desirable that existing banks operate more competitively and government uses its current leverage to encourage a system where banks operate less conservatively than they currently do.Further, Dr. Clive Thomas unequivocally agreed with Ram’s statements. The economist articulated that bringing more banks would not guarantee lower interest rates. He said that what is needed is a reform of the banking laws which would provide more protection of customers and banks.“Ramotar said a lot of madness. It is preposterous for him to suggest that bringing more banks will lower interest rates,” Dr. Thomas stated.Greenidge said that the President’s comments will be viewed by all sensible Guyanese as another desperate effort to fool them into electing him and his “disreputable colleagues.”As far as the banking sector is concerned, the APNU financial point man asserted that it has been obvious for a long time that the PPP erred in closing down the Guyana Agricultural and Industrial Development Bank.“There is an urgent need for a merchant bank and a development bank that can meet the chronic needs of the agricultural and industrial sectors in particular. The commercial banks have been unable to meet that need and adding another commercial bank will not help.“As far as I am concerned his reference to the conservative nature of the banking sector reflects his lack of understanding of the fundamental problem facing the agricultural and industrial sectors,” Greenidge said.He explained that the commercial banks are not conservative so much as to not properly be regulated by the Central Bank and by way of financial policy.Greenidge said that the need is for trade credit and investment in a new plan and not so much short term interest rates. He opined that the Government has learnt nothing from its experience.