Jamaica sees rise in number of business loan applications

Central Bank Governor said increases were encouraging signs of continued strengthening of sector activities.

KINGSTON, Jamaica, Friday February 24, 2012 – The number of businesses going to commercial banks for loans has increased by 7.3 per cent, while personal loans reflect a 6.2 per cent increase for December.

Governor of the Central Bank of Jamaica, Brian Wynter explained the growth in credit was mainly in areas expected to expand during the remainder of the year.

Presenting the bank’s Quarterly Monetary Policy Report, Mr. Wynter said the increases were encouraging signs of continued strengthening of sector activities.

He added that a recent Inflation Expectations Survey also showed improvements to how the business sector viewed present economic conditions.

But while the governor remained positive about the short term performance of the macro-economic indicators, he still expressed caution over developments in the price of crude oil which by extension could have an impact on domestic inflation. Click here to receive free news bulletins via email from Caribbean360. (View sample)