Belize Bank Challenges Central Bank’s Fee Limitation Rules, Secures Court Injunction

Belize Bank Belize City
Belize Bank Belize City

The Belize Bank is pushing back against new rules from the Central Bank of Belize (CBB) that would limit the fees banks can charge. The bank went to court and got a temporary stop, known as an injunction, on these new rules. This means the rules won’t start until the court decides if they’re fair.

These rules, announced last December, were about putting a cap on fees for things like using ATMs, transferring money, and other bank services. The Belize Bank, along with other banks in Belize, doesn’t like this idea. They think it will hurt competition and innovation, and make it harder for people, especially in remote areas, to get banking services.

The head of Belize Bank, Filippo Alario, said that if they can’t charge these fees, they might have to cut down on ATMs in places where they’re not making enough money. He also mentioned that fees are important for the bank to cover costs like keeping online banking safe and running their day-to-day operations.

The bank tried to make its own plan to reduce fees but says the Central Bank didn’t go for it and decided to make its own rules instead.

For now, the court’s decision means the Central Bank can’t put these new fee limits in place until the court looks into it more, which is set for February 12. The Belize Bank also pointed out that they’ve already reduced some charges for their customers, separate from this whole disagreement.

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