Business groups chided for not lobbying banks enough to cut interest rates

President of the Small Business Association of Jamaica (SBAJ), Garnett Reid, is accusing the leadership of the Private Sector Organisation of Jamaica (PSOJ), Jamaica Chamber of Commerce (JCC) and the Jamaica Manufacturers and Exporters Association (JMEA) of not being strong enough in their calls for the country's commercial banks to respond the Bank of Jamaica's 100 basis points rate reduction.

 

He said the SBAJ will be having a board meeting on January 30 to determine what strong actions to take if the banks do not respond positively to the BOJ's rate reductions before that meeting.

 

The BOJ cut its policy interest rate to 6 per cent in December.