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Finance Minister Audley Shaw says there is no conflict between himself and Bank of Jamaica governor Brian Wynter over the direction of interest rates.
A local newspaper recently quoted Central Bank Governor Brian Wynter as saying that if banks reduce interest rates faster than they are doing now, it could cause some instability in the financial sector.
That seemed contrary to the Finance Minister's stance that rates must start coming down quickly.
However, Mr. Shaw insists that both he and the Governor are on the same page.
“There is no conflict. There is no conflict whatsoever. The Governor has his job to do and I have mine. He can defend himself but that story, the headline was way different from the actual quotation, what he was actually quoted as saying, was completely different from what was implied in the headline itself which was a bit mischief making,” Mr. Shaw said.
The Finance Minister said interest rates are not the only issues he has with the banks, but said some of the "ludicrous" fees being charged, are coming under scrutiny.
“I've asked the Governor to carry out a study on bank charges and to look at best practices to compare their practices with the region as well as on an international scale,” he said.
http://rjrnewsonline.com/business/fi...t-boj-governor
A local newspaper recently quoted Central Bank Governor Brian Wynter as saying that if banks reduce interest rates faster than they are doing now, it could cause some instability in the financial sector.
That seemed contrary to the Finance Minister's stance that rates must start coming down quickly.
However, Mr. Shaw insists that both he and the Governor are on the same page.
“There is no conflict. There is no conflict whatsoever. The Governor has his job to do and I have mine. He can defend himself but that story, the headline was way different from the actual quotation, what he was actually quoted as saying, was completely different from what was implied in the headline itself which was a bit mischief making,” Mr. Shaw said.
The Finance Minister said interest rates are not the only issues he has with the banks, but said some of the "ludicrous" fees being charged, are coming under scrutiny.
“I've asked the Governor to carry out a study on bank charges and to look at best practices to compare their practices with the region as well as on an international scale,” he said.
http://rjrnewsonline.com/business/fi...t-boj-governor