Bank of Jamaica (BOJ) Governor Richard Byles says he could ask commercial banks to review loans that were priced at higher interest rates to ease the pressure on small businesses.

Last year, the 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.

As a result, several groups including the Small Business Association of Jamaica (SBAJ) have been calling for banks to lower their interest rates.

They say high interest rates are among several factors crippling their businesses.

When probed on the matter by reporters at a press conference this morning, Governor Byles noted that he could recommend that commercial banks carry out reviews that would be beneficial for the small business owners.

Governor Byles noted, however, that it would not be prudent to force banks to implement policies that they may not consider to be economically wise.