Septimus Blake, NCB's CEO
Customers of National Commercial Bank Jamaica (NCB) have started feeling the impact of rising interest rates.
At an investor briefing on Tuesday, CEO of NCB Septimus Blake, said the bank has been applying increased interest rates on some products, announcing specifically that, "since the beinning of March," increased rates have been applied to "new facilities".
Mr. Blake added that more rate adjustments are coming, with the bank "looking at making some changes in terms of existing facilitie, starting sometime in this month, May".
The Bank of Jamaica has been increasing the policy interest rate since September 2021 in a bid to reduce inflation by curbing borrowing.
The rate is now at 4.5 per cent.
JN Bank also recently announced that, effective June 9, it will also increase interest rates.