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Rates will be ‘market-driven’


Rates will be ‘market-driven’

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BARBADIANS HAVE NOTHING TO FEAR now that the Central Bank is giving commercial banks, and other financial institutions that take deposits, the power to set minimum savings rates.

Barbados Bankers’ Association president Glyne Harrison gave that assurance yesterday, one day after the Central Bank announced that effective April 21 it would no longer set the minimum rate, which now stands at 2.5 per cent.

It said that “going forward, each commercial bank and deposit-taking institution would be responsible for setting its own interest rate”, a move it said came “after careful consideration of the performance of the domestic financial markets”. (SC)

Please read the full story in today’s Daily Nation, or in the eNATION edition.