Barbados, on the heels of the second largest bank failure in the US, has been told by a local economist the latest development could have a knock on effect on the country.
Dr. Justin Ram, in assessing the situation, pointed a finger at poor management and inflation.
American regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in US history, and promptly sold all of its deposits and most of its assets to JP Morgan Chase.
Dr. Ram told the Morning Report that officials in the US are likely to ratchet up the regulatory requirements.
He shared advice to Barbadians and Caribbean nationals holding sums of money in excess of 250 thousand dollars in American banks.
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