Economist and financial blogger, John Jackson, says the government is hurting savers and pensioners by pursuing lower interest rates.
He says the Holness administration is making a select few Jamaicans who invest in stocks and real estate rich, while the majority are losing out.
He says it’s a bad policy move.
Mr. Jackson says the lower interest rates on savings are driving some people to the stock market where they can get better returns.
But he says most Jamaicans don’t know enough about the stock market, and therefore aren’t benefiting.
The economist, who also runs the financial blog I-C insider dot-com, says the government should instead reduce the taxes on banks.
He says this will result in interest rates for borrowers falling by some 3-percentage points.
John Jackson, economist and financial blogger.
He was speaking on Nationwide This Morning with Kalilah Reynolds and Patria Kaye Aarons.