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BOJ reports increase in demand for foreign currency loans

The Bank of  Jamaica (BOJ) is reporting an increase in the demand for foreign currency loans since the halt in the decline in the value of  the local dollar.
 
Loans denominated in domestic and foreign currencies grew by 36.2 per cent and 14.9 per cent respectively at August 2017, relative to 14 per cent and 6.4 per cent for the comparable period in 2016.
 
The Central Bank says the increase in foreign currency loans occurred in the context of  a slower pace of  exchange rate depreciation.
 
It says this may have incentivized borrowers to access foreign currency loans. 
 
Growth in foreign currency credit for the July to Septemer quarter was mainly reflected in the Tourism sector, while the Electricity Gas and Water sector was the main driver of  local currency credit.

 



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