25 Jul 2012

France considers capping bank charges in New Caledonia

12:45 pm on 25 July 2012

The French government is considering capping bank charges in New Caledonia.

The overseas territories minister, Victorin Lurel, says Paris will adopt an entirely new policy in the struggle against the high cost of living, which has been a concern in many territories.

His comment came in response to a question by a New Caledonian member of the French National Assembly, Philippe Gomes.

He says help from Paris is needed to curb bank fees as a quarter of the territory's population lives below the poverty line drawn at 870 US dollars a month.

Last year, 25,000 people took to the streets in an unprecedented territory-wide action to push for lower prices and economic reforms.