FOREX ALLOCATION 

Prime Minister the Hon Stuart R. Young, SC says he is hopeful a solution can be found which allows for a more equitable distribution of forex for the average citizen.

Prime Minister Young has mandated the Ministry of Finance to work with the banking sector and report on their progress on this matter in two weeks.

The Prime Minister’s statement follows a meeting with representatives of the banking industry held on Tuesday.

The Prime Minister also addressed concerns about bank fees and charges during the meeting.

He told bankers, “As a citizen, I see that you are closing retail banking, you are shrinking your retail banking services, which means a reduction in cost. You are moving away from paper, which to me logically also means a reduction in cost. So therefore, why are we not seeing the efficiency of online services equating to lower charges and lower expenses to us, the citizens?”

Prime Minister Young affirmed the Government’s commitment to collaborating with the banks while continuing dialogue.

He added, “The Government intends to address this situation, and of course, we have certain powers in law, but I’m hoping we don’t have to reach to that stage.”