President of the Jamaica Bankers’ Association, David Noel, is warning that the informal business sector in Jamaica might not see the full benefits of the Bank of Jamaica’s move to reduce the cash reserve requirements for financial institutions.
However, Mr. Noel who’s also President and CEO of Scotiabank, says the move will allow institutions to lend at unprecedentedly lower rates.
He says banks will also become more aggressive in using the additional cash by injecting it into the market.
David Noel, President of the Jamaica Bankers’ Association.
He was speaking on Nationwide’s This Morning with Dennis Brooks and Patria Kaye Aarons.