EXIM Bank drops loan rates

The EXIM Bank has slashed up to two percentage points from their loan rates.

The lending institution announced Friday that its lending rates will fall between 10 and 11.5% for Jamaican dollar loans and 7.5 to 9% for US dollars loans.

Interest rates on loans accessed through the Bank’s Approved Financial Intermediaries have also dropped by one percentage point to 11%.

EXIM's approved financial intermediaries include major commercial banks merchant banks and money market brokers across the island.

The new rates become effective October 1.

The EXIM bank says in realizing the challenges to grow and develop businesses in the productive sector it sees the adjustment as necessary based on the needs of the stakeholders.

The Bank is also reporting that it has a pool of $1.1 billion of new funds to lend to borrowers.