Brian Waynter (Photo: JIS)
Jamaica is going through a period of “remarkable change,” Bank of Jamaica Governor Brian Wynter said yesterday at the Caribbean Canadian Emerging Leaders’ Dialogue Economic Symposium in St. Andrew. Wynter said the bank was working on developing the institutional structure of financial markets, strengthening the credit system and improving fiscal discipline and accountability. “With the resulting decline in fiscal dominance and in interest rates that come with it, and the narrowing of those margins that we see in the commercial banks, it will be time for the private sector to move to a more broad-based and dynamic provision of financial services, because competition will drive them toward that,” he said. Interest rates in Jamaica are currently at 6.75 percent.
–Jamaica Information Service