I was most saddened and confused when I renewed my fixed deposit at one of the commercial banks last week. The counter clerk indicated a rate of .35 per cent, less than one per cent. I, a retiree, cannot meet my expenses on that rate and I foresee a year of loss and maybe a refinancing of my home to meet the inflation rate of 15 per cent which is projected.
The said bank, however, posted a last-quarter profit for last year of $265 million. This bank had begged customers to hold their hand when the Clico impasse occurred and the loyal customers remained "loyal."
Its excuse is excess liquidity, so why not, Mr Dookeran, use the excess funds to kick-start the economy and dependent customers like myself would be able see some light beyond the tunnel.
Jan Smith
Palmiste