PNG Treasury Minister queried on Commercial bank fees

The many and varying different fees charged by commercial banks has left many individuals disgruntled as to the purpose of the fees.
This was the question raised by Nawae MP Gisuat Siniwin on the floor of parliament today why commercial banks are charging unnecessary fees for deposit money, maintaining an account, withdrawing from an ATM, and even checking for your account balance which seems to be making a great profit for the commercial banks but hurting people throughout the country.
In relation to the fees charged by commercial banks Treasurer Patrick Pruaitch said as you know all commercial banks are private business entities and they exist to make profit in the end.
"Once a number of frequency of transactions in the market place happen they need to recover and ensure they remain above so far as making money however an undertaking will be made to ask the central bank weather the fees introduced by Central banks is unnecessary," said the Treasurer. PNGFM/ PNG Today