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Finance Minister Audley Shaw says he will be seeking to increase competition among banks in the new year in an effort to help bring interest rates down.
Mr. Shaw, who was speaking in Parliament this week, continued his complaint about the rates being charged on loans by commercial banks.
He said the former Minister was also troubled by the issue, and he sent a signal that efforts will be made in the new year, to allow competition to bring down rates, which have resisted falling below 17%.
"Cabinet, over the next few weeks, will be considering a number of measures that are going to be put in to place, that are going to yield greater portability of loans that will inevitably lead to more competition among out commercial banking community. I'm not talking about Section 33 of the Bank of Jamaica Act, I'm talking about other things that limit the portability of loans and therefore, the portability of loans. It's time to out a dose of competitive spirit in the financial sector," Mr. Shaw said.
Mr. Shaw, who was speaking in Parliament this week, continued his complaint about the rates being charged on loans by commercial banks.
He said the former Minister was also troubled by the issue, and he sent a signal that efforts will be made in the new year, to allow competition to bring down rates, which have resisted falling below 17%.
"Cabinet, over the next few weeks, will be considering a number of measures that are going to be put in to place, that are going to yield greater portability of loans that will inevitably lead to more competition among out commercial banking community. I'm not talking about Section 33 of the Bank of Jamaica Act, I'm talking about other things that limit the portability of loans and therefore, the portability of loans. It's time to out a dose of competitive spirit in the financial sector," Mr. Shaw said.
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