Banks need to lower their interest rates

 WE live in a capitalist world where profit means everything.

In PNG, there are corporations that have continued to and will continue to make hundreds of millions of kina. 

Those in the bank world will no doubt continue to use that byline as a defense from criticism directed at them by either the public and or small to medium business houses for their exceptionally high interest lending rates. 

Interest rate margins, which, according to Professor Satish Chand, are very high when compared with countries of similar development level and neighbouring countries. 

BPNG’s assistant governor speaking as an individual at that same workshop could not have put it any better when commenting that commercial banks have been making large profits. 

It is a wonder that we can be so naive and continue to accept what I see is the dictatorial attitude of our banks in this country. 

If anything, I note that after my last letter to the papers about burdensome bank charges that are imposed on individual customers, BSP has come out offering a whole lot of different bank accounts it claims customers can now apply for that are tailored to suit individuals in different circumstances. 

Frank Nouairi

NCD