FRANKSON
THE JAMAICA Manufacturers' Association notes that in recent times banks have been decreasing their base rates. However, we believe that the pace of decline is much too slow, and relative to our trading partners interest rates and interest rate spreads in Jamaica remain excessive.
We need to be able to benefit from lower rates such as that available under the Government of Jamaica/European Union Credit Scheme, through which an amount of J$100 million will be loaned directly to the productive sector through Pan Caribbean Financial Services at a rate of 10.5 per cent per annum. Within one week this facility was oversubscribed by manufacturers.
This is an indicator that if interest rates were lower throughout the banking sector more businesses would be retooling, expanding their operations, creating new employment and contributing to the development of Jamaica.
Doreen Frankson, president, Jamaica Manufacturers' Association
