Member of Parliament for South St. Catherine, Fitz Jackson, is describing as “unacceptable”, the Bank of Jamaica (BOJ)’s explanation for a reported shortage of coins in the island.
Senior Deputy Central Bank Governor, John Robinson, told Parliament’s Public Administration and Appropriation Committee, PAAC last week that some banks charge a fee to accept coins.
Mr. Robinson cited this fee as part of the reason for the shortage of coins. Mr. Jackson says that explanation has fallen short of what is acceptable.
Jackson says the BOJ should tell the country whether it’s prohibited by law from issuing a directive to banks to accept coins without the imposition of a fee.
The Opposition MP says the decision of the banks to charge for accepting coins have a ripple effect.
Mr. Jackson says it’s regrettable that the fee becomes a burden to all toll users and taxpayers of Jamaica.
He says it’s also very sad that regulators of the banking system have failed to use their existing authority to address the coin shortage issue.
The outspoken South St. Catherine MP made his views known yesterday on twitter.
Meanwhile, the BOJ representative had also told the PAAC that he expects the coin shortage to ease by next month.
Mr. Robinson says the Central Bank will be engaging in a campaign to encourage Jamaicans to hand over coins for notes.
He says this drive will involve the setting up of central collection points across the country.
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