“They continue to transact with the banks,” he added.
Mariur and Delegate Secilil Eldebechel are on island to attend the annual meeting of the Pacific Islands Development Bank and meet with the Palauan community.
Eldebechel said the biggest challenge Palau is facing is the high rate of loan interest offered by banks.
“We are trying to see how the banks can lower their rate,” Eldebechel said.
He said the closure of PSB in 2006 made a big impact on Palau, and a lot of people were affected even the Palauans on Saipan.
“But I think over the time we are learning from that experience,” he added.
Eldebechel believes that the banks’ willingness to provide individual loans is key to Palau’s development.
“I am happy that Palau now has a financial institution that will oversee all bank operations to make sure they have reserve capital to protect the depositors,” he told Variety.
During the Pacific Islands Development Bank meeting, Mariur said management briefed them about its financial statement and operations.
Established in July 1989, the bank aims to accelerate economic and social development of Guam, Palau, Chuuk, Kosrae, Pohnpei, Yap, and the Northern Marianas.
Eldebechel said Palau, like the CNMI, Pohnpei and Yap, contributed $1 million to the bank as part of its capital.
Guam contributed $800,000; Kosrae, $600,000; and Chuuk $251,783.
In his meeting with the Palauan community, Mariur reported the new administration’s first 100 days in office.
Mariur said he also listened to the concerns raised by the Palauan community.
He said he will discuss these issues with the other leaders of Palau.
