BOJ Holds Policy Rate Steady At 0.50%

  • Bank of Jamaica announces its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with BOJ) unchanged at 0.50% per annum.
  • Its current assessment remains consistent with its August projection that inflation will average 4.7% over the next two years and will track within the target range of 4.0% to 6.0%. This forecast was mainly predicated on expectations for some economic recovery from the COVID-19 pandemic as well as higher energy and agricultural food prices.
  • The economic outlook for Jamaica remains highly uncertain in the context of the ongoing COVID-19 pandemic but BOJ will continue to assess incoming data and stands ready to implement other policy measures if the need arises.

(Source: BOJ)