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The Central Bank of Barbados wishes to advise all commercial banks of a change in the discount rate.
With effect from March 15, 2006, the discount rate payable by commercial banks on temporary advances from the Central Bank will be increased from 10% to 12%.
The increase in the discount rate is intended to discourage commercial banks from borrowing from the Central Bank and to encourage greater reliance on the interbank market.
This increase is necessary since lending rates have increased to the extent where lending rates at the upper end of the spectrum are in excess of the current discount rate.