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Robinson says BOJ rate hike putting more pressure on economy

Opposition Spokesman on Finance Julian Robinson says the continued hiking of interest rates by the Bank of Jamaica (BOJ) is placing untold pressure on the economy amid skyrocketing cost of living.
 
In a statement on Thursday, Mr. Robinson reiterated the Opposition's position that raising interest rates will not have the desired impact of reducing inflation.
 
The BOJ on Wednesday increased the policy interest rate to two per cent.
 
Mr. Robinson said the increase will be passed on by financial institutions to their customers and this will result in further increases in loan repayment and mortgage costs.
 


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