Financial Analyst, Dennis Chung says he supports the government’s pursuit of lower interest rates.
His comments follow a statement by Economist and financial blogger, John Jackson that the government was hurting savers and pensioners by pursuing lower interest rates.
Mr. Jackson cited that it was a bad policy move.
However, Mr. Chung says the government and the central bank has to implement policies that will drive the economy.
He says in Jamaica’s current savings culture, citizens should be encouraged to also save to invest.
President of the Jamaica Bankers Association, David Noel also believes Jamaicans should aim for more diversified banking portfolios instead of only opting for a savings account.
David Noel, President of the Jamaica Bankers Association.
Meanwhile, Mr. Chung says there’s need for more financial education.
And, Mr. Chung says he also thinks the asset tax on Banks is unnecessary.
Mr. Jackson also believes reducing the asset tax could stimulate the economy faster than what the lowered saving rates are.