Minister of Finance and the Public Service, Hon Audley Shaw, has again called for the lowering of interest rates to single digits, to boost production within the Jamaican economy.
“We have to have a consensus around bringing interest rates down in the economy. Irretrievably down to single digit interest rates, that is where we are going”, he stated.
He made these comments while giving the main address at the official opening of the GraceKennedy Financial Building, in the Fairview Shopping Centre, Montego Bay, on Thursday (April 22).
The Finance Minister, while pointing out that the Bank of Jamaica (BOJ) rate on 30 day instruments is now down to 10 per cent, the lowest rate in over 20 years, made an appeal to the banking sector to assist the government in leading the way to more aggressively reduce interest rates on commercial bank loans.
Minister of Finance and the Public Service, Hon Audley Shaw (right) and his former Junior Minister of State now Group Chief Operating Officer at Grace Kennedy Limited, Don Wehby (left), share a joke while attending the official opening of the Grace Kennedy Financial Building at the Fairview Shopping Centre, Montego Bay on Thursday (April 22).
“When you do that, you are going to stimulate the market for more loans, for more private investments, for more businesses, for more start-ups, for more small businesses to get going, for more attractions to be created in the tourism sector,” he stated.
He posited the view that the competitive framework and environment within the economy can only be enhanced when low interest rates are offered to entrepreneurs.
He described the Jamaica Debt Exchange (JDX) programme as a step along the way. He also thanked the financial sector for participating in the programme.