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Port Moresby
July 13, 2020
Business News

High Bank Fees to be Regulated

The government is currently looking to revise the way banks in the country charge fees.

 

Treasurer Don Polye made the remark after NCD Governor, Powes Parkop, raised concern of excessive fees being charged on transactions or just keeping money in an account.

 

Mr. Parkop said the banks were making a killing out of the fees they charge.

 

Governor Parkop gave an account of a relative, who had K200 in their bank account.

 

After a while of not touching the funds in the account, the K200 completely vanished.

 

Parkop said all sorts of fees were being charged and recommended that regulatory measures be set.

 

Treasurer Don Polye said a review of the overall taxation policy is currently being undertaken with recommendations expected at the end of the first quarter.

 

New Ireland Governor, Sir Julius, in his supplementary question also agreed the banks were making a killing.

 

He said there was a big margin between the lending and deposit rates.

 

Mr. Polye said a submission that will be justifiable and manageable will be made by the end of the year.

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