Scotiabank reduces lending rates

The Bank of Nova Scotia (BNS) Jamaica has announced plans to further reduce its base lending rate by over 200 basis points or 2 percentage points effective June 1.



As a result, rates will now move down to 17.75 per cent from 19.75 per cent.



Scotia says this will be the bank’s lowest base lending rate in five years.



Scotiabank Group’s President & Chief Executive Officer, Bruce Bowen, says the rate reduction is in keeping with the bank’s commitment to support Jamaica’s private sector.



For months, the finance minister, Audley Shaw has been calling for banks and other lending institutions to reduce their interest rates in order to help boost economic activities.