Minister to look into bank fees

By MATTHEW VARI

Sunday, August 21, 2016 (Sunday Chronicle, PNG)

TREASURY Minister, Patrick Pruaitch has told parliament that he will task the Central Bank of Papua New Guinea to look into the fees of commercial banks in the country to see if are excessive.

Siniwin reiterated, in Tuesday’s Parliament session, that most commercial banks in the country are charging unnecessary fees.

“K7 for deposit, if you calculate that it is big. Unnecessary fees such as monthly cheque clearing fees, account maintaining fees, withdrawal fees, minimum balance fees, ATM withdrawal fees- the way to make excessive profit from the people.”

“This is especially hurting small businessmen and the general public at large including the politicians.”

Responding to queries from Nawae Member, Gisuwat Siniwin, the minister reminded members of the aim of commercial banks to make profits as private entities.

“Commercials banks are private business entities that exist to make profit,” Minister Pruaitch said.

“With number of transactions frequencies happening in the marketplace- they also need to also recover to ensure that they remain above, insofar as making money.”

“I take the question on board and will make an undertaking to ask the central bank to have a look at whether the fees that they are currently charging, currently introduced by commercial banks, are necessary and I will reply to the member.”