Jamaica’s central bank raised its policy rate by 50 bps to 6.0% at its September 2026 meeting as persistent inflationary pressures, higher commodity prices and geopolitical risks clouded the outlook. The bank noted inflation risks remain skewed to the upside. Headline inflation rose to 7.9% in August from 7.5% in July, remaining above the target range for a third consecutive month, while core inflation held at 5.2%. The bank expects inflation to rise further in the near term before returning to the target range by mid-2027. Drought conditions and intensifying El Niño are expected to keep agricultural prices elevated, while higher global commodity prices are feeding through to fuel, energy and transport costs. Recovery spending following Hurricane Melissa could add to pressures. Businesses’ 12-month inflation expectations rose to 7.3% in July from 6.7% in June. source: Bank of Jamaica

The benchmark interest rate in Jamaica was last recorded at 6 percent. Interest Rate in Jamaica averaged 10.19 percent from 1996 until 2026, reaching an all time high of 33.00 percent in October of 1996 and a record low of 0.50 percent in August of 2019. This page provides - Jamaica Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

The benchmark interest rate in Jamaica was last recorded at 6 percent. Interest Rate in Jamaica is expected to be 6.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Jamaica Interest Rate is projected to trend around 5.75 percent in 2027 and 5.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-29 09:30 PM Interest Rate Decision 5.5% 5.5% 5.5%
2026-08-19 09:50 PM Interest Rate Decision 5.5% 5.5% 5.5%
2026-09-28 09:40 PM Interest Rate Decision 6.0% 5.5% 5.5%
2026-11-18 09:30 PM Interest Rate Decision 6.0% 6%
2026-12-18 09:30 PM Interest Rate Decision


Related Last Previous Unit Reference
Foreign Exchange Reserves 6640.40 6640.70 USD Million Aug 2026
Interest Rate 6.00 5.50 percent Sep 2026
Money Supply M1 612300.10 605229.40 JMD Million Jul 2026
Money Supply M2 1289589.70 1275469.00 JMD Million Jul 2026


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.
Actual Previous Highest Lowest Dates Unit Frequency
6.00 5.50 33.00 0.50 1996 - 2026 percent Monthly

News Stream
Jamaica Raises Policy Rate to 6%
Jamaica’s central bank raised its policy rate by 50 bps to 6.0% at its September 2026 meeting as persistent inflationary pressures, higher commodity prices and geopolitical risks clouded the outlook. The bank noted inflation risks remain skewed to the upside. Headline inflation rose to 7.9% in August from 7.5% in July, remaining above the target range for a third consecutive month, while core inflation held at 5.2%. The bank expects inflation to rise further in the near term before returning to the target range by mid-2027. Drought conditions and intensifying El Niño are expected to keep agricultural prices elevated, while higher global commodity prices are feeding through to fuel, energy and transport costs. Recovery spending following Hurricane Melissa could add to pressures. Businesses’ 12-month inflation expectations rose to 7.3% in July from 6.7% in June.
2026-09-28
Bank of Jamaica Holds Key Interest Rate at 5.50%
Jamaica’s central bank kept its policy rate unchanged at 5.50% at its August 2026 meeting, as persistent inflationary pressures and geopolitical risks clouded the outlook. Headline inflation rose to 7.5% in July from 6.7% in June, remaining above the Bank of Jamaica’s target range, while core inflation increased to 5.2% from 5.0%. The BOJ expects inflation to remain above the target range in the September quarter before moderating. Tensions in the Middle East and the intensification of the Russia-Ukraine war are expected to keep fuel prices elevated, raising electricity, transport and other costs. Additional pressures could come from fiscal spending on post-Hurricane Melissa reconstruction and worsening drought conditions. Still, a stable exchange rate and healthy international reserves should help contain imported inflation. The BOJ said inflation risks remain skewed to the upside and it is prepared to adjust policy if needed. GDP growth for FY2026/27 is projected at 1%-3%.
2026-08-19
Bank of Jamaica Keeps Key Interest Rate Unchanged
The central bank of Jamaica kept its policy rate unchanged at 5.50% at its June 2026 meeting, noting that although inflation has remained within its target range over the past three months, the outlook remains uncertain. The central bank said inflation risks from geopolitical tensions have eased but remain elevated, with headline inflation expected to temporarily exceed the upper limit of the target range. It added that keeping policy unchanged is appropriate to contain second-round effects from higher international commodity prices. Headline and core inflation both accelerated, with the former exceeding the Bank's latest projection. While talks to end the Middle East conflict continue, uncertainty remains high. The BoJ also noted that international commodity prices remain elevated and volatile, US financial conditions have tightened, and domestic demand is recovering, though growth risks remain tilted to the downside.
2026-06-29