And, in other news...
The Belize Bank sent out a rare press release yesterday explaining why it went to court to block a Central Bank directive that would lower ATM transaction fees.
The Bank says, quote, "price controls stifle competition, limit product innovation, and ultimately harm consumers by eroding financial inclusion and access to financial services, especially in remote areas of Belize." End quote. It adds that without those fees, the bank would have to consider reducing ATM services in less populated areas and encourages, quote, "lower charges…through competition in the open market, rather than through the imposition of unnecessary price controls."
For context we should note that the. Belize Bank reported profits of 14.5 million dollars at the end of the quarter in June of 2023.
In its own release, the Central Bank of Belize says as per its directive that took effect at the start of the year, three domestic banks have reduced the fees charged on interbank online transfers to a maximum of $1.00 per transaction.
We note that on January second, the Central Bank of Barbados stopped one of its commercial banks from charging customers for online transfers to other banks or credit unions.
