Jamaica National Building Society's offices in Half-Way-Tree (file photo)
March 24, 2017
JN Bank lowers interest rate on foreign currency accounts
KINGSTON, Jamaica — Jamaica National (JN) Bank says it will be offering reduced interest rates on foreign currency accounts, following a recent Bank of Jamaica (BOJ) policy decision.
JN says the decision was a necessary response to the increase of foreign currency held with the central bank, and the discontinuation of interest paid on foreign currency cash reserves by the central bank to deposit-taking institutions.
In an advisory sent to members, JN said that all local deposit-taking institutions, including JN Bank, will now have to review its interest rate offerings on foreign currency instruments.
