Economist McCarthy Marie says the introduction of a license fee on Credit Unions in Dominica is in keeping with the laws of the country.
The license fees which were announced in the 2023/2024 national budget range from $10, 000 to $100, 000 dollars and will be renewed annually.
Marie adds this decision will ensure that Credit Unions are operating legally in the country.
Marie says the large membership of Credit Unions can pose systemic challenges for the financial system.
