NATIONAL COMMERCIAL Bank Jamaica Limited (NCB), headed by Chairman Michael Lee Chin and managing director, Aubyn Hill yesterday announced a reduction in its base Jamaican dollar lending rate by half a percentage point from 20.75 per cent to 20.25 per cent effective today.
The rate of 20.25 per cent is very competitive among local commercial banks.
NCB continues to value highly its role in the promotion of economic growth and national development. A release issued by the bank read: "The decision to reduce the base rate at this time is consistent with the NCB group's objective of building a better Jamaica.
"The rate reduction is influenced by an increasingly favourable macro economic environment, the continuing reduction in key interest rates by the Central Bank since the middle of last year and the downward trajectory of market determined yields as evidenced by the most recent Treasury Bill auctions. National Commercial Bank will continue to review its interest rate strategy at regular intervals and make the necessary adjustments as driven by the market."
