BOJ Reports Increase in Credit Given by Deposit-Taking Institutions

• The Bank of Jamaica (BOJ) is reporting a 15.5% increase in credit extended by deposit-taking institutions (DTIs) to businesses and households for the 12-month period ending September 2019.
• Governor, Richard Byles, says this is “broadly consistent” with the level of growth in this area, since the start of the year.
• Byles said the continued buoyant growth in DTI credit results from institutions, such as commercial banks, merchant banks, and building societies, reducing lending rates on local currency loans.
• Meanwhile, the Deputy Governor, Dr. Wayne Robinson, noted that underlying the overall 15.5% increase in credit is a healthy 17.0% growth in loans to the productive sector, year on year. 

(Source: JIS)