Michael Leckie, immediate past president of the Small Business Association of Jamaica has added his voice to the call for commercial banks to positively respond to the central bank's 75 basis point reduction in the benchmark rate.
The policy interest rate was reduced from 7% per annum to 6.25% to prevent a
protracted recession.
The Planning Institute of Jamaica recently reported that the economy flat lined by 0.8% during the first six months of 2024 and by 0.1% during the second quarter before tumbling by 2.80% in the third quarter.
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