PM Holness Urges Banking Sector to Consider the Social Context within which Increased Bank Fees are being Contemplated
Prime Minister Holness says increased bank fees will cause greater stress on citizens.
Speaking last evening (January 25, 2022) at the Opening Ceremony of the Jamaica Stock Exchange 17th Regional Investments and Capital Markets Conference at the Jamaica Pegasus Hotel, the Prime Minister asserted that financial institutions must be cognizant of the difficulties that citizens face, especially during the pandemic.
The Prime Minister said while Jamaica seeks to transition out of the pandemic and the related measures, we are still in the midst of a pandemic. In this regard, he noted that there are many Jamaicans experiencing significant financial difficulties. He told business leaders present that with society still reeling from the economic fallout from the pandemic, it would be iniquitous to increase banking fees and other prices on consumers at this time.
The Prime Minister said:
“Business leaders must pay attention to the social context; I have a higher duty to ensure equity and to protect the vulnerable.”
The Prime Minister further stated that in urging business leaders to consider the social context, he is not appealing to their conscience, but rather pointing out a fact that makes good business sense, while at the same time providing a buffer for customers and consumers.
“It makes good business sense to protect the people of the country,” the Prime Minister emphasized.Meanwhile, the Prime Minister also gave notice that the government is preparing to gradually take down the measures under the DRMA, effectively returning the society to normal.
“In our 60th year of independence, it is time to get back to the task of building and growing Jamaica to secure our economic independence and chart a course towards achieving full political independence,” said the Prime Minister.
In closing, the Prime Minister said, “Everyone has to play their part and we must be fair and conscientious to all. I cannot preside over a Jamaica where existing inequalities and unequal endowments follow us into our future. The future is prosperity for everyone, not a continuation of the existing social and economic structure.”