Prime Minister Mia Amor Mottley has lambasted the commercial banks over their high fees threatening to pass new laws to rein them in while announcing plans for a new type of local bank.

Ms. Mottley was addressing a Barbados Chamber of Commerce and Industry business forum and luncheon at the Lloyd Erskine Sandiford Centre.

She said both the rich and poor are being hit hard by bank charges.

Ms. Mottley warns that government will not allow the situation to continue.

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