Antoinette Hamilton, President of the MSME Alliance
President of the MSME Alliance, Antoinette Hamilton, says she supports the call by Opposition Spokesman on Finance Julian Robinson for the government to withdraw most of $160 billion in cheap deposits from the Bank of Nova Scotia and National Commercial Banks and to spread them across the six other banks in the system.
The proposal is for this to be done if these two banks do not respond to the signals from the Bank of Jamaica to cut their lending rates in order to drive investments and growth.
As at the end of November last year the commercial banks held $160 billion in central and local government as well as public sector deposits, and $117 billion for the diaspora; $477 billion for the local private sector and $782 billion for private individuals.
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