The Central Bank announced that of the eight to ten international banks that provide correspondent banking services to Jamaican institutions, Bank of America is the only conduit for physical cash services.
This the BOJ says is part of the reason why consumers are subjected to such large spreads on the foreign currency they buy and sell in transactions with local banks.
Officials at the BOJ say there is little option other than to accept the price BOA charges for the service.
The response follows queries that emanated from Member of Parliament Lisa Hanna's recent commentary about bank foreign-currency spreads.
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