16.8 % Increase in Credit Extended to Private Businesses

• The Bank of Jamaica (BOJ) is reporting a 16.8% increase in credit extended by deposit-taking institutions (DTIs) to private-sector businesses and households over the 12-month period to June 2019.
• Newly appointed Governor, Richard Byles, says this out-turn exceeded the 12.3% recorded at the end of June 2018.
• Byles, who was speaking at his first briefing since he assumed office on August 19, noted that the acceleration in private-sector credit expansion in recent months is consistent with previous BOJ accommodative policy actions.
• These actions, he pointed out, have seen a reduction, by 300 basis points, on Central Bank overnight policy rates for deposit-taking institutions between June 2017 and June 2019.

(Source: JIS)