Scotiabank Jamaica has announced that it will exit the repo business.
Dr. Adrian Stokes, President of Scotia Jamaica Life Insurance Company, said the bank is moving into other areas of investments which will result in greater benefits for its clients.
A repurchase agreement, or repo for short, is a type of short-term loan used mainly in the money markets, whereby the seller of a security agrees to buy it back at a specified price and time.
The seller pays an interest rate, called the repo rate, when buying back the securities.
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