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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.