JMA Online News
JMA calls for Financial Ombudsman
Written by: Radio Jamaica
Date: 2009-06-25
President, Omar Azan, is insisting that the Government seriously consider the call in light of the high lending rates still being charged by banks.
He says a recent survey revealed that interest rates across the region range from a high of 23% in Jamaica to a low of 5.5% in the Bahamas.
The JMA head says the productive sector continues to buckle under the high cost of loans while banks record large profits:
"When you look at islands like Dominica, Antigua, St. Lucia, the Bahamas and the other regional partners, Trinidad their interest rates are single digit. We are borrowing money at 20-odd percent here in Jamaica, how can we compete?"
"Jamaica cannot say that Jamaican manufacturers can't compete and can't provide them with the goods, the Jamaican government can't say that because the policy does not allow and the funding is not there at a price we can afford to compete at," Mr. Azan said.
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