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Jamaica’s finance minister Audley Shaw says he’s in consultation with the Banking Association of Jamaica (BAJ) regarding the reduction of interest rates.
While interest rates have fallen on government paper, some commercial banks are yet to follow suit.
Mr. Shaw says while some banks have been making provisions for the manufacturing sector a lot more needs to be done.
He says he has noted the concerns of the public and will be taking steps to address them.
“There are also plans to regulate bank fees being charged by many financial institutions,” said Mr. Shaw.
While interest rates have fallen on government paper, some commercial banks are yet to follow suit.
Mr. Shaw says while some banks have been making provisions for the manufacturing sector a lot more needs to be done.
He says he has noted the concerns of the public and will be taking steps to address them.
“There are also plans to regulate bank fees being charged by many financial institutions,” said Mr. Shaw.
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