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The Ministry of Finance is currently drafting several new pieces of legislation, aimed at safeguarding the stability of Guyana’s financial system while at the same time facilitating the continued strengthening and modernizing of the system.This is according to Finance Minister Dr. Ashni Singh, who at a recent function explained that one such piece of legislation will see the creation of a ‘Credit Reporting Industry’ in Guyana.He said that the proposed new industry will establish mechanisms to allow for the sharing of credit information.  “It will be what is widely known as Credit Bureau.”The minister emphasised that the sharing of credit information will be done whilst ensuring that the rights of the borrowers are protected at all times.Discussions are currently underway between the ministry, bankers and other relevant stakeholders on the modalities of establishing such a bureau.When the draft of the legislation is completed, according to Dr. Singh,Bruce Matthews Titans Jersey, discussions will be maintained to ensure that it is suitable to operate in the local financial environment, at the same time achieving the desired result.Another piece of legislation that Dr. Singh elaborated on deals with e-commerce.He pointed out that this is aimed at establishing a legal framework to facilitate the growth of the activity.E-commerce consists or entails the buying and selling of products or services over electronic systems, such as the Internet and other computer networks.The amount of trade conducted electronically has grown extraordinarily since the spread of the Internet.A wide variety of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer,Antoine Roussel Jersey, supply chain management, Internet marketing,http://www.theworldsoccersshop.com/Portugal-Jose-Fonte-Jersey.html, online transaction processing, electronic data interchange (EDI), inventory management systems,Munir El Haddadi Barcelona Jersey, and automated data collection systems.The minister explained that, given the recent growth in the trend, there was need for protection for each party involved in electronic transactions,Evan Engram Jersey, “especially in the context of the move toward the use of electronic banking, telephone banking,Kyle Brodziak Jersey, and similar services.”Dr. Singh also drew reference to financial legislations that have already been tabled in the National Assembly. These include the Money Laundering and Anti Terrorism Bill and the Money Transfer Agencies (Licensing) Bill, which are also aimed at safeguarding the stability of Guyana’s financial system.Both bills have since been deferred to Parliamentary Select Committees for further consideration and possible modification.
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