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BoJ must direct banks not to charge fee to return coins - Fitz Jackson

Fitz Jackson, Member of Parliament’s Public Administration and Appropriations Committee (PAAC), is calling for the Bank of Jamaica (BoJ) to issue a directive instructing financial institutions to quit charging customers a fee to return coins.
    
The call comes in the wake of confirmation from John Robinson, Senior Deputy Governor of the BoJ, that the coin shortage is a result of a sharp fall in the rate of redemption.  
    
Mr. Jackson, who has been pushing for stronger banking regulations and consumer protection, is suggesting that many customers are deterred from returning coins because of the fees being charged by some institutions. 

"Your licencees, the ones that you licence and give them the privilege of doing banking, they are not taking coins over and above certain quantities without charging a fee, which serves as a disincentive for persons to go to the banks to change out their coins, which is incurring a cost to you," Mr. Jackson argued at Wednesday's meeting of the PAAC.

The BoJ is undertaking measures to ease the current shortage of coins in circulation by June.
    
The Bank said it has ordered additional supplies and will be implementing an islandwide coin drive shortly.



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