BOJ Lowers 30- Day Interest Rates by 50 Basis Points to 5.75%

Effective January 25, 2013 the Bank of Jamaica (BOJ) will be lowering the interest rate payable on its 30-day Certificates of Deposit from 6.25% to 5.75% per annum.

 

The central bank stated that the revision in its rate is in the context of generally weak economic conditions and the recent approval of revenue measures aimed at further strengthening fiscal consolidation. It is intended that these factors will lower inflation. The BOJ further indicated that its policy action is in line with the recent reduction in the interest rate on Government

BOJ Lowers 30- Day Interest Rates by 50 Basis Points to 5.75%

Effective January 25, 2013 the Bank of Jamaica (BOJ) will be lowering the interest rate payable on its 30-day Certificates of Deposit from 6.25% to 5.75% per annum.

The central bank stated that the revision in its rate is in the context of generally weak economic conditions and the recent approval of revenue measures aimed at further strengthening fiscal consolidation. It is intended that these factors will lower inflation. The BOJ further indicated that its policy action is in line with the recent reduction in the interest rate on Government securities resulting from the National Debt Exchange. This is against the background of the staff level agreement between the Government and the International Monetary Fund on a medium-term economic programme.

securities resulting from the National Debt Exchange. This is against the background of the staff level agreement between the Government and the International Monetary Fund on a medium-term economic programme.