THE EDITOR, Sir:
I GOT a chequing and a savings account at CIBC Jamaica Ltd - Port Antonio Branch - since 1986. As a writer I earn my living in foreign currency, from 1986 until 2001 in Deutsch Marks. From January 1, 2002, about 12 European countries have got a common currency, the EURO. As usual I visited the Port Antonio branch of the CIBC and tried to change a EURO cheque, later via a Master card into Jamaican dollars - and I nearly fainted: While exchanging US, Cayman and Canadian dollars the difference in buying and selling is about one Jamaican dollar but when I sell CIBC one EURO the difference to the buying price is about seven Jamaican dollars.
I'm absolutely convinced, Sir, that this is usury.
But not only this: It is very short-sighted: The European Union has 380 million citizens, the USA only has 280 million. The Americans are afraid of flying because with the attack on the World Trade Centre and the Pentagon in September last year, "the chickens came home to roost" (Malcolm X).
The Europeans are not afraid of flying, and their holidays are far longer than the Americans' holidays. And their contact in a foreign land, the first one, is the visit of a bank. How can a European tourist like, love, appreciate Jamaica when he/she has to find out that a Canadian bank with several branches all over Jamaica 'robs' him/her six Jamaican dollars whenever he or she changes money?
While Americans and tourists from Canada or the Cayman Islands only lose one Jamaican dollar in the exchange rates (buying/selling) second-class tourists from Europe lose seven Jamaican dollars or nearly 14 per cent each time they want to change their money. Seeing this, Sir, you can be sure - those tourist won't return. Such usury is worse than the usual tourist-harassment by poor people in this country. This exchange rate is highway robbery!
I am, etc.,
P.P. ZAHL
Rose Hill
Long Bay, Portland
