Central Banking

Australia's RBA to deregulate credit card sector

AUSTRALIA - The Reserve Bank of Australia Friday proposed to deregulate the country's credit card system, forcing down fees and allowing retailers to recoup costs from customers.

The changes will likely cut credit card interest rates and other charges for customers, reducing revenue for financial institutions, which currently earn nearly A$3.0 billion a year from the cards.

But Australia's major banks retaliated, saying the cut in revenue will inevitably lead to reduced services for credit card