Just hours after the Bank of Jamaica (BOJ) reduced the interest rate on open instruments by one per cent, Scotiabank Jamaica has announced a cut in its own interest rates. As of next Monday, August 3, Scotiabank’s base lending rates will be reduced by one per cent from 21.5 per cent to 20.5 per cent.
According to the Scotiabank Group President & CEO Bruce Bowen, the reduction in the bank’s lending rate reflects its commitment to stimulating recovery in all sectors of the Jamaican economy. He also says it is critical that senior decision makers in government, business and civil society work together to build confidence in the business community and the general public, and that Scotiabank will continue to review its rates to determine if there is an opportunity for further adjustments over the short-term.
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