Data released by the Bank of Jamaica indicate that the country's eight commercial banks held $76.77 billion in deposits for central government, $3.1 billion for local authorities and $69.31 billion for a select group of public sector entities as at the end of November last year.
Approximately 70 per cent of this amount is held by the two largest banks, with an average deposit rate of two per cent.
The central bank also reported that commercial banks held $117.1 billion in deposits for members of the diaspora, $782.1 billion for people resident in Jamaica and $577.7 billion for corporate entities.
The total deposits held as at the end of November last year was $1.8 trillion, or 54.73 per cent of GDP.
The BOJ noted that approximately 70 per cent of these deposits were held by BNS and NCB - the two "big banks."
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