The central bank of Jamaica left its key policy interest rate, the rate offered on overnight placements with Bank of Jamaica, steady at 2 percent on November 16th 2018, saying current monetary conditions are consistent with inflation returning to the centre of the target of 4 percent to 6 percent over the medium term. In September, inflation edged up to 4.3 percent from 3.9 percent in August. Policymakers added that risks to inflation are seen balanced. However, downside risks would include worsening in domestic demand conditions due to lower-than anticipated US GDP growth associated with an escalation in the international trade war and lower-than-expected oil prices. On the other hand, upside risks could be a stronger-than-anticipated expansionary response of domestic demand to the current accommodative monetary conditions; adverse weather conditions; and second-round effects of increases in regulated prices. Interest Rate in Jamaica averaged 12.16 percent from 1996 until 2018, reaching an all time high of 33 percent in October of 1996 and a record low of 2 percent in June of 2018.

Interest Rate in Jamaica is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Jamaica to stand at 2.00 in 12 months time. In the long-term, the Jamaica Interest Rate is projected to trend around 2.50 percent in 2020, according to our econometric models.

Jamaica Interest Rate
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2018-06-28 02:15 PM Interest Rate Decision 2% 2.50% 2.5%
2018-08-28 11:00 PM Interest Rate Decision 2% 2% 2%
2018-10-02 11:00 PM Interest Rate Decision 2.0% 2% 2%
2018-11-16 11:00 PM Interest Rate Decision 2.0% 2.0% 2%
2018-12-20 11:00 PM Interest Rate Decision 2.0% 2%

Jamaica Money Last Previous Highest Lowest Unit
Interest Rate 2.00 2.00 33.00 2.00 percent [+]
Deposit Interest Rate 3.60 3.90 36.40 3.60 percent [+]
Money Supply M1 230616.06 229290.66 230616.06 26564.60 JMD Million [+]
Money Supply M2 496404.49 492639.32 496899.21 79732.50 JMD Million [+]
Central Bank Balance Sheet 658621.37 670394.56 718458.99 146770.39 JMD Million [+]
Foreign Exchange Reserves 3180.17 3207.27 3971.17 0.00 USD Million [+]

Jamaica Interest Rate

In Jamaica, the Bank of Jamaica engages in open market operations by offering 30-day instruments. Since July 1st, 2017, the Bank changed the benchmark interest rate to the rate paid on overnight deposits held by deposit-taking institutions (“DTIs”) from the rate paid on 30-day certificates of deposit. This page provides - Jamaica Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica Interest Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.00 33.00 2.00 1996 - 2018 percent Daily

Country Last Previous
Argentina 59.00 Dec/18
Turkey 24.00 Oct/18
Mexico 8.00 Nov/18
Russia 7.50 Oct/18
South Africa 6.75 Nov/18
Brazil 6.50 Oct/18
India 6.50 Dec/18
Indonesia 6.00 Nov/18
China 4.35 Oct/18
Saudi Arabia 2.75 Oct/18
United States 2.25 Nov/18
Canada 1.75 Dec/18
South Korea 1.75 Nov/18
Australia 1.50 Dec/18
Singapore 1.45 Oct/18
United Kingdom 0.75 Nov/18
Euro Area 0.00 Oct/18
France 0.00 Oct/18
Germany 0.00 Oct/18
Italy 0.00 Oct/18
Netherlands 0.00 Oct/18
Spain 0.00 Oct/18
Japan -0.10 Oct/18
Switzerland -0.75 Oct/18