SBAJ President Garnett Reid
Garnett Reid, President of the Small Business Association of Jamaica (SBAJ) says his 800 members want the new Governor of the Bank of Jamaica, Dr. Brian Langrin, to get commercial banks to reduce interest rates.
This, he argues, is absolutely necessary because the members of the sector are struggling under the current high interest rate regime.
He said commercial banks are lending to members of the SBAJ at an average rate of between 15 per cent and 18 per cent per annum, adding that these rates are unaffordable to small businesses that have no other option.
Mr. Reid also wants the new governor to contain inflation, which stood at 7.5 per cent in July of this year when compared with July of last year.
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