BOJ Hopes for Favourable Year-End Climate to Encourage Bank Rate Reductions
Expectations are rising at the Bank of Jamaica that the last quarter of the year may allow commercial banks to reduce interest rates.
For many Jamaicans, frustration has built due to banks’ reluctance to adjust their lending rates in line with the central bank’s policy rate.
Earlier this year, Governor Richard Byles mentioned that legal measures were being considered to address the issue.
During comments last week, he acknowledged that some decline in rates has already taken place.
Hopes remain for further reductions, while appreciation was expressed for the gradual downward movement so far.
According to Mr. Byles, commercial banks still face internal matters that must be resolved before any additional cuts can occur.
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