Minister of Industry, Investment and Commerce, Senator Aubyn Hill is encouraging local banks to reduce their interest rates.

Last year, the Bank of Jamaica (BOJ) lowered its benchmark policy rate four consecutive times.

Despite this, there has been no corresponding reduction in interest rates among Jamaica’s leading commercial banks.

Several business groups have urged banks to reduce their rates to ensure that the benefits are transmitted to businesses and consumers.

BOJ Governor Richard Byles has also suggested that the issue of banks refusing to comply may have to be addressed in law.

Speaking at this morning’s post-cabinet press briefing, Senator Hill said the banks have had enough time to respond.

He added that many Jamaicans are questioning why there is a delay in compliance.

He stressed that it’s important for banks to reduce their interest rates to contribute to economic growth.