General
Press Releases
Press
Release February
13, 2004
THE
CENTRAL BANK OF BARBADOS ANNOUNCES CHANGE IN ITS MONETARY POLICY
The
Central Bank of Barbados wishes to advise the public of a
modification in its monetary policy.
With
effect from March 15, 2004 the minimum rate of interest payable
on deposits will be reduced from 2.5% to 2.25% per annum.
This
reduction in the minimum deposit rate will be accompanied by an
equal and simultaneous cut in interest rates on loans from
commercial banks.
The
adjustment in the minimum deposit rate is intended to signal to
commercial banks a need for a cut in lending rates with a view
to decreasing the operational costs of local businesses.
February 13, 2004
|