Scotia cuts base rate to 16.75%
Published:Sunday | November 14, 2010 | 12:00 AM
Scotiabank Jamaica is reducing interest rates again, cutting one point off its base rate, which falls to 16.75 per cent, effective December 1.
The bank last cut rates by more than two points in June - from 19.875 per cent to 17.75 per cent.
"As one of the country's largest and most successful financial services group, we are again taking the lead in lowering rates and making loans more affordable to our customers, and this is reflective of our commitment to providing financial solutions that will stimulate business activity, thereby stimulating growth and development in Jamaica," said Scotia Group Jamaica president and chief executive officer, Bruce Bowen, in a company statement last Friday after market close.
The announcement came on the same day that a group had organised a march against the bank to demand a pushback in fees and cost of loans.