By Georgina Maka’a
Prime Minister Matthew Wale intends to hold regular dialogue with commercial bank executives to discuss issues of concern.
Wale made his intention known when he met Governor of the Central Bank of Solomon Islands Dr Luke Forau today.
The prime minister told Forau he was concerned about the high fees imposed by commercial banks on regular customers.
“I would like an audience with the banks maybe on a quarterly basis so that they are informed and aligned with the government’s policy directions,” Wale stated.
As Opposition leader, Wale, who assumed power in mid-May following a successful no-confidence vote against his predecessor Jeremiah Manele, has been expressing concerns about charges banks have been imposing on customers.
He said some of the bank charges were unreasonable.
The former Opposition leader has been urging CBSI to use its regulatory powers Act to review, and where appropriate, prohibit such unjustified fee structures.
“It is the role of the Central Bank to safeguard the financial integrity of our economy, not only in relation to monetary policy or banking soundness, but in ensuring that the banking system serves the people,” Wale said previously.
He said Solomon Islands needs a financial system that reflects the nation’s values.
“We need a banking culture that is rooted in fairness. One that facilitates economic participation and contributes to national development.
“Our people deserve financial institutions that act as partners, not predators.
“CBSI must ensure this is reflected in its financial regulation.”
In his meeting today with the CBSI boss, the duo discussed at length financial consumer protection.
Governor Forau also acknowledged Wale’s concerns, agreeing that a direct forum between the Prime Minister and commercial financial institutions is a necessary step to align corporate banking practices with national policy goals.
He also acknowledged the urgent necessity of stabilizing and reforming the economy to effectively accommodate the strategic development plans of the GREAT coalition government.
Prime Minister Wale used the opportunity to outline the immediate economic and developmental roadmap that the GREAT coalition aims to execute over the next two years
