| Central Banks Setting Up Credit Bureaus |
| Thu, April 18, 2013 |
|
| And while UB's students are researching business, the central bank was kinda sorta doing something similar. They've teamed up with the International Finance Corporation to set up a Belize's first credit reporting system. Today, they held a press conference and the Deputy governor of the central Bank explained the importance of credit bureaus. Here's how it goes.
Marilyn Gardiner Usher – Deputy Governor, Central Bank of Belize
"A credit reporting system is key to development of a sound economy. It helps to reduce risks to financial institutions and often leads to lower interest rates making loans more affordable and more widely available. We expect the data to come financial and non-financial providers like the utilities and the insurance companies. So that this can actually have the impact of bringing individual, small and medium enterprises who don't normally hold accounts and have a relationship with the bank, to have access to their reputation and collateral to the formal financial system."
IFC has spearheaded similar programmes in other Caribbean countries.
|
