Tuesday, 6 January 2015 02:40
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Reaffirming post-war economic recovery, the Northern Province has beaten the Western Province in the latest banking density rankings.
According to the Central Bank, the Northern Province’s bank branch density (bank branches per 100,000 inhabitants) was 21.66 while it was 21.18 for the Western Province.
In 2008, the Northern Province figure was 7.39 and it ranked ninth best.
In the Eastern Province too there has been rapid expansion with its figure being 16.82, placing it third as opposed to eighth in 2008 with a figure of 8.38.
Central Bank Governor Nivard Cabraal, during the presentation of the Road Map for 2015 and beyond on Friday, said since 2008 banks were required to establish at least two branches outside the Western Province for each new branch set up in the province. “Hence over the years the branch outreach of banks has deepened during the post-conflict period,” he said.
