RESPONSE IN PARLIAMENT REGARDING REPORT ON BANK CHARGES

 

The report prepared for the Bank Jamaica has to be produced in evidence.  It is my contention that such a report was never done, and did not exist at the time the response from BOJ came in a few weeks ago. There was no comparison of charges made in depositing US Funds in any of the small Islands, or adjacent places, There is no charge for clients paying a fee for withdrawing their own money from the banks (as with NCB), just a figment of someone’s imagination. All the conclusions of this report are invalid. AS a matter of fact, rarely do Banks in Jamaica deposit funds overseas using a courier like Brinks. All foreign funds in Jamaica are traded within the system of Banks, so there is no reason to charge for foreign exchange deposits.

I had been put on notice that my attendance at the Parliamentary meeting that I would be called to give some credence to my assertions, I am deeply disappointed that I was never asked, and the meeting terminated without satisfactory answers, and absolution given to the Banking system.

These are among the reasons for a lack of transparency among our heavily paid banking executives, and confusion in the private sector. The signs and signals are all wrong, and are presented to persons assumed gullible enough to read and believe.

 

 

Yours very truly’

 

 

Ramesh Sujanani

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