1 month ago
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Finance Minister, Fayval Williams, says the latest reduction in interest rates by the Bank of Jamaica, BOJ, is a strong signal to commercial banks to follow suit.
She was speaking at Thursday’s post-Cabinet press briefing.
The BOJ lowered interest rates on Tuesday by 25 basis points.
This will see the rate offered to commercial banks on deposits held at the Central Bank fall from six-percent to five-point-7-5 percent.
During his quarterly monetary briefing on Wednesday, BOJ Governor, Richard Byles, again went on record calling for banks to reciprocate by reducing their own rates.
Minister Williams supports the Governor’s call.
She hopes to see commercial banks do the same in the coming months.
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