JMEA Joins Call for Commercial Banks to Reduce Interest Rates

President of the Jamaica Manufacturers and Exporters Association, JMEA, Sydney Thwaites, is adding his voice to calls for commercial banks to reduce interest rates in line with recent cuts by the Bank of Jamaica, BOJ.

The Micro, Small and Medium-sized Enterprise, MSME Alliance has consistently expressed frustration at the failure of the commercial banks to pass on rate cuts extended to them by the BOJ.

The banks say the high rate of commercial taxation is among the reasons for them not yet being in a position to cut the rates at which they lend money to their customers.

It has been six months since the BOJ cut lending rates to commercial banks and Thwaites believes the banks are out of excuses.

Sydney Thwaites, president of the Jamaica Manufacturers and Exporters Association, JMEA.