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Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and Policy Options

Author

Listed:
  • Mr. Trevor Serge Coleridge Alleyne
  • Mr. Jacques Bouhga-Hagbe
  • Mr. Thomas Dowling
  • Dmitriy Kovtun
  • Ms. Alla Myrvoda
  • Mr. Joel Chiedu Okwuokei
  • Mr. Jarkko Turunen

Abstract

Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.

Suggested Citation

  • Mr. Trevor Serge Coleridge Alleyne & Mr. Jacques Bouhga-Hagbe & Mr. Thomas Dowling & Dmitriy Kovtun & Ms. Alla Myrvoda & Mr. Joel Chiedu Okwuokei & Mr. Jarkko Turunen, 2017. "Loss of Correspondent Banking Relationships in the Caribbean: Trends, Impact, and Policy Options," IMF Working Papers 2017/209, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2017/209
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    Citations

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    Cited by:

    1. Ms. Alla Myrvoda & Julien Reynaud, 2018. "Monetary Policy Transmission in the Eastern Caribbean Currency Union," IMF Working Papers 2018/070, International Monetary Fund.
    2. Wandhöfer, Ruth, 2019. "Technology innovation in financial markets : Implications for money, payments and settlement finality," Other publications TiSEM b7d8b24a-dbf4-4f82-b596-3, Tilburg University, School of Economics and Management.
    3. McLean, Sheldon & Metzgen, Ydahlia & Singh, Ranjit & Skerrette, Nyasha, 2018. "Economic impact of de-risking on the Caribbean: Case studies of Antigua and Barbuda, Belize and Saint Kitts and Nevis," Studies and Perspectives – ECLAC Subregional Headquarters for The Caribbean 43310, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

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