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BM: Restrictions to international banks halt third world growth

The World Bank warned today that the growing restrictions imposed after the 2007-09 crisis on international banks in developing countries slow down growth prospects by limiting the flow of credit that businesses and households so badly need.

Washington, Nov 7 (EFE). - The World Bank warned today that the increasing restrictions imposed after the 2007-09 crisis on international banks in developing countries slow down the growth prospects by limiting the flow of credit that companies and households so badly need.

"Without a competitive banking sector, the poor will not be able to access services basic financial, many companies will be excluded from the markets and developing countries will stop growing, "said Jim Yong Kim, president of the WB, in the presentation of the report Global Financial Development.

According to the report, developing countries "should reconsider the value of international banks as indispensable instruments to access the global credit "while protecting themselves from risks through" an improvement in exchanges of information on credit records and strict supervision of creditors is guaranteed Banks. "

Specifically, the World Bank stressed that given the uncertainty and distrust generated by the expansion of large international banks due to the pernicious effects of the crisis, almost 30% developing countries have applied restrictions to branches of foreign banks.

"If you have adequate policies and institutions, you can guarantee that the opening to international banking leads to greater competitiveness, helps mitigate local economic crises and allows access to the scarce capital necessary to foster growth ", said Asli Demirguc-Kunt, director of research at the international organization.

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