The Leader of Opposition Hon. Matthew Wale is questioning the ongoing silence and inaction of CBSI over BSP’s recent imposition of new banking fees.
Hon. Wale said that CBSI must explain what concrete steps it is taking to protect ordinary Solomon Islanders.
“It has been more than a week since this unjustifiable fee came into effect, and we have yet to hear a single word from CBSI. The Central Bank is not a bystander in these matters. It is the regulator, and its silence is simply not good enough,” Hon. Wale said.
Hon. Wale also questioned the silence of major stakeholders in the country’s economic and labour space, including the Solomon Islands Chamber of Commerce and Industry, the Solomon Islands Council of Trade Unions, and the Solomon Islands Public Employees Union (SIPEU).
“SICCI should be concerned that legitimate business activity is being penalised, while SICTU and SIPEU should be standing up for the financial rights of workers, especially public servants and employees in rural and remote areas. Why the silence?” Hon. Wale said.
“The real economy is being hit. Our workers, our small businesses, our schools and our churches are feeling the effects. Yet those who claim to represent them seem to be silent. This is very troubling,” Hon. Wale further added.
Hon. Wale urged CBSI to urgently intervene, stating that the CBSI not only has the authority, but the legal duty, to regulate such banking practices in accordance with its statutory functions under the CBSI Act and the Financial Institutions Act.
“CBSI is not a neutral observer. It is the regulator. It has the legal mandate to supervise financial institutions in the public interest. If this fee is punitive or exploitative, then CBSI has a duty to act. Are they saying that BSP can charge whatever fee they want, whether 1% or 100%? Their continued silence is a failure of that duty,” Hon. Wale said.
Hon. Wale said CBSI must either direct BSP to withdraw the fee or publicly justify its regulatory position on why such a charge is permissible under Solomon Islands law.
“Our people deserve transparency and protection. CBSI’s failure to act emboldens unfair practices and erodes public trust. It must not allow commercial interests to outweigh the rights and welfare of ordinary Solomon Islanders. The law expects more than silence,” Hon. Wale said.
