The Jamaica Manufacturers and Exporters Association, JMEA, says the Bank of Jamaica should avoid further tightening the policy interest rate as the country recovers from Hurricane Beryl.
The association says the BOJ should consider the economic impact of the hurricane on its members, and the subsequent rise in inflation.
The JMEA says it is continuing to assess the impact of the storm on agro-processors.
It says, however, that its agricultural members primarily located in the southwestern side of the island have reported that their situation has become dire.
The JMEA says factories have also sustained damage.
It cited Monymusk Rums and its Clarendon location, as well as J. Wray and Nephew Limited’s St. Elizabeth and Clarendon locations.
The JMEA also references the struggles of Rainforest as reports indicate it has suffered severe impacts across all five countries where it operates.
The JMEA says increased borrowing costs could stifle the ability of businesses and individuals to rebuild, potentially prolonging the economic recovery process.
The association says the BOJ should prioritise policies that support recovery and economic stability.
