Posted: Thursday, December 21, 2023. 4:54 am CST.
By Horace Palacio: The Central Bank of Belize has successfully brokered a deal with the Belize Bank to halve the existing ATM transaction fee from 50 cents to 25 cents per transaction starting next year. This development comes amid broader efforts by the Central Bank to reduce banking costs for consumers.
In a recent interview with the press, Jules Vasquez of 7 News questioned Central Bank Governor Kareem Michael about the nature of the negotiations. “Is this the product of a negotiation or a difficult back and forth with the banks?” Vasquez inquired, probing into the complexities of the agreement.
Governor Michael confirmed the challenging nature of the discussions. “Yes, it was certainly a difficult negotiation and the compromise was to have this $0.25 and then to have a transition period,” he stated. Michael elaborated on the logistical challenges faced by the banks, such as configuring systems and updating potentially outdated ATMs, which necessitated a more gradual approach to fee reduction.
The Central Bank’s vision, as Michael articulated, extends beyond this interim solution. When asked about the ultimate goal of eliminating ATM fees entirely, Michael expressed optimism. “I hope so. I think we will find a common ground eventually. There’s always hope,” he remarked, indicating a continued push towards eliminating such fees in the future.
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The post Central Bank and Belize Bank reach compromise on ATM fee reduction after tough negotiations appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Thursday, December 21, 2023. 4:54 am CST. By Horace Palacio: The Central Bank of Belize has successfully brokered a deal with the Belize Bank to
The post Central Bank and Belize Bank reach compromise on ATM fee reduction after tough negotiations appeared first on Belize News and Opinion on www.breakingbelizenews.com.
