Bank of Jamaica Holds Policy Rate at 0.75%

 

• Bank of Jamaica (BOJ) yesterday announced its decision to hold the policy interest rate (the rate offered on overnight balances with BOJ) unchanged at 0.75% p.a., effective June 28, 2019.
• The decision to hold the policy rate unchanged is based on the Bank’s current assessment that monetary conditions are appropriate to support the achievement of the inflation target of 4.0% to 6.0% over the medium term.
• This decision comes on the heels of Jamaica’s inflation rate coming in at 4.8% for May 2019, back into the target range of 4% to 6% after five consecutive months of annual inflation being below target. 
• The BOJ also assesses the risks to projected GDP growth to be balanced compared to being skewed to the downside at the May 2019 assessment. 
• Other macroeconomic indicators continue to be positive. 

 (Source: Bank of Jamaica)