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Country Report Jamaica Product Image

Country Report Jamaica

  • Published: July 2014
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Strong demand for local-currency loans and tight Jamaican dollar liquidity pushed commercial lending rates on business loans up by 2.2 percentage points, on average, during the first three months of 2014, according to the latest credit conditions survey conducted by the Bank of Jamaica (BOJ, the central bank). Continued tight credit conditions are likely to have led to a further rise of 1.7 percentage points in the weighted average interest rates on local-currency business loans by the end of June.

In general, credit made available by lending institutions increased in January-March and was expected to have risen further in April-June, mainly owing to an improvement in lenders' perception of current and future economic conditions. However, financial-sector respondents to the credit conditions survey (conducted between April 14th and May 13th) reported that the weak domestic economic environment, coupled with tight liquidity conditions, restrained their ability to respond to credit requests from the productive sector. These conditions resulted in higher interest rates on local-currency loans to businesses.

Despite a net injection of liquidity into the system by the BOJ in READ MORE >

Country Report Jamaica

Commercial lending rates rise on tight liquidity
Large businesses still benefit from the lowest rates
Tighter credit conditions will impact on GDP growth

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