FIJI APPOINTS COMMITTEE TO IMPLEMENT BANK RECOMMENDATIONS

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SUVA, Fiji Islands (March 31, 1999 - PACNEWS)---Fiji’s Finance Minister, Jim Ah Koy, has set up a committee to implement the recommendations of the recent government bank inquiry report.

The new committee is comprised of officials from the Reserve Bank of Fiji and the Finance Ministry.

The committee has the power to force banks to justify any rate increases.

Fiji's commercial banks came under heavy scrutiny from the inquiry committee, which criticized the banks for amassing large profits through high interest rates, fees and other charges, while providing poor service and low deposit interest rates.

The inquiry was particularly critical of two Australian banks, ANZ and Westpac.

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