RBTT Jamaica reduces lending rate
Published:Sunday | December 19, 2010 | 12:00 AM
RBTT Bank Jamaica Limited will cut 130 basis points off its prime lending rate effective January 1, 2011. The new rate will be 16.95 per cent, down from 18.25 per cent.
"This reduction marks the second time within the last five months that we will be reducing lending rates as a direct response to the rate reduction instituted by the Bank of Jamaica and the general falling interest rate environment," said Minna Israel, president and country head of RBTT Jamaica, in a prepared company statement.
"In addition, we recognise that we play a critical role in helping to stimulate the growth of our economy by providing affordable solutions to our clients during these challenging economic times," she said. RBTT last cut rates in August by 225 basis points.