BOJ Governor Steers Clear of Banking Fees Debate

The Bank of Jamaica (BOJ) is refusing to comment publicly on the matter of banking fee regulations.

BOJ Governor, Bryan Wynter, says it’s not the place of the Central Bank to involve itself in policy matters.

The issue of banking fees came back into sharp focus last week after a bill by South St. Catherine MP, Fitz Jackson, to limit them was blocked by the government majority in the Lower House.

Finance Minister Audley Shaw, at that time, said most of the provisions in the Jackson’s private member’s bill already existed in the Banking Services Act of 2014 and the subsequent Banking Code of Conduct.

Minister Shaw also said the Central Bank had voiced some concerns about the legislation. Speaking yesterday afternoon, Governor Wynter, alluded to having some reservations.