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The Bank of Jamaica said lower domestic demand led to a slowdown in loan disbursements in the June quarter.
Bank of Japan Governor Richard Byers said output in some industries had fallen, dampening borrowing appetite.
“Against the backdrop of slower economic growth, net flows of new local currency loans to the private sector in the June 2024 quarter were lower than flows in the March 2024 quarter and the June 2023 quarter,” Mr Byers said, explaining that net loan flows are the difference between gross disbursements and gross repayments.
He said a decline in lending to the corporate sector was a key factor in the decline in net flows, in line with the Bank of Japan’s ongoing moves to tighten credit conditions for the banking sector.
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