BANK OF JAMAICA LOWERS POLICY RATE

• Bank of Jamaica announces its decision to lower the policy interest rate (the rate offered on overnight placements with Bank of Jamaica) by 25 basis points to 1.75 percent.
• This decision reflects the Bank’s most recent assessment that inflation could now fall below the lower limit of the 4.0 percent to 6.0 percent target in the latter half of 2019 and early 2020. There is also some risk that inflation could fall below 4.0 percent in December 2018.
• The inflation rate at November 2018, as reported by the Statistical Institute of Jamaica, was 4.1 percent, lower than the 4.7 percent recorded at October 2018 and the 4.9 percent in November 2017.

(Source: BOJ Press Release)