By NAN Business Editor
News Americas, NEW YORK, NY, Fri. March 4, 2022: Exclusion from global finance through the withdrawal of CBRs (Corresponding Banking Relationships), has worrisome implications for the Caribbean as does the effects of de-risking.
That’s according to a new report, ‘Financial De-Risking In The Caribbean: The US Implications And What Needs To Be Done,’ by the Atlantic Council Adrienne Arsht Latin America Center. De-risking refers to the phenomenon of financial institutions terminating or restricting business relationships with clients or categories of clients to avoid, rather than manage, risk.
The report noted that “loss of CBRs limits the ability for governments and hotels in a region, heavily dependent on tourism and access to hard currencies and the use of credit cards, to process transactions from visitors.
Source link
