The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 29 June 2020 meeting. Policymakers noted that inflation conditions are generally appropriate to support inflation remaining within the target of 4.0 percent to 6.0 percent over the next eight quarters. They also underscored that inflation for the MArch quarter came at 4.8 percent, lower than the 6.2 percent at December 2019 and firmly within the target range.

Interest Rate in Jamaica averaged 11.48 percent from 1996 until 2020, reaching an all time high of 33 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 August of 2020. source: Bank of Jamaica

Interest Rate in Jamaica is expected to be 0.25 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 0.25 in 12 months time. In the long-term, the Jamaica Interest Rate is projected to trend around 0.50 percent in 2021 and 1.00 percent in 2022, according to our econometric models.

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Jamaica Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 33.00 0.50 1996 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-02-20 02:00 AM 0.5% 0.5% 0.5%
2020-03-27 11:00 PM 0.5% 0.5% 0.25%
2020-05-19 09:00 PM 0.5% 0.5% 0.25%
2020-06-29 10:55 PM 0.5% 0.5% 0.25%
2020-08-18 11:00 PM 0.5% 0.25%
2020-09-30 11:00 PM 0.25%
2020-11-17 11:00 PM 0.25%
2020-12-18 11:00 PM 0.25%


News Stream
Jamaica Leaves Interest Rate Unchanged
The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 29 June 2020 meeting. Policymakers noted that inflation conditions are generally appropriate to support inflation remaining within the target of 4.0 percent to 6.0 percent over the next eight quarters. They also underscored that inflation for the MArch quarter came at 4.8 percent, lower than the 6.2 percent at December 2019 and firmly within the target range.
2020-06-29
Jamaica Holds Interest Rate at 0.50%
The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 19 May 2020 meeting. Policymakers noted that inflation over the next eight quarters will be lower than the central bank’s previous forecasts of 4.7 percent published in February 2020 but will remain in the target range of 4 percent to 6 percent, influenced by the adverse impact of COVID-19 on the economy.
2020-05-19
Jamaica Holds Interest Rate at 0.5%
The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 27 March 2020 meeting. Regarding the coronavirus outbreak, the central bank announced a series of measures: with effect from 19 March 2020, the CB temporarily increased the limit on the foreign currency net open positions of authorised dealers by 5 percentage points; with effect from 18 March 2020, the Bank removed the limit on the amounts that deposit-taking institutions (DTIs) can borrow overnight without being charged a penal rate, and the Bank commenced a bond buying programme where we will purchase GOJ securities on the secondary market from financial institutions which hold these instruments.
2020-03-27
Jamaica Holds Interest Rate at 0.50%
The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent at its 19 February 2020 meeting, saying that the decision was based on the continued view that monetary conditions are generally appropriate to support inflation remaining within 4.0 per cent to 6.0 percent and a faster pace of economic growth. The Bank underscored robust lending activity and said that it will continue to closely monitor the trends in credit from banks, capital market transactions, overall economic activity and most importantly, inflation, to determine the future path for the policy rate.
2020-02-20

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.