Bank of Jamaica Keeps Policy Rate Unchanged at 0.5%

  • Bank of Jamaica made the decision to hold the policy interest rate (the rate offered on overnight balances at Bank of Jamaica) unchanged at 0.50% per annum for the 18th consecutive month.
  • The decision to hold the policy rate unchanged reflects BOJ’s assessment that inflation will average 5.0% over the next two years and remain within the target range. This forecast is broadly in line with previous projections.
  • The macroeconomic outlook continues to be characterized by significant uncertainties within the context of the ongoing COVID-19 pandemic. With inflation contained within the target range, the BOJ has remained accommodative in its monetary policy stance with the aim of supporting recovery in economic activity.

(Source: BOJ)