CIBC cuts interest rates again this year

Campbell

CIBC Jamaica has announced that effective Friday June 1, the bank will cut its prime lending rate to 22.75 per cent.

Consumer loan rates will also be lowered, moving down 1.0 per cent and 1.25 per cent for new business while the CIBC Building Society will reduce its residential mortgage rates for qualified savers by 1.0 per cent, moving from 18.75 per cent to 17.75 per cent, also for new business.

CIBC last reduced its prime lending rate on March 1, 2001 from 26 per cent to 24.75 per cent.

CIBC Jamaica's vice-president, Raymond Campbell said: "In this context, we will continue to make competitively priced products available to our customers."

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