The central bank of Jamaica raised its benchmark interest rate by 50bps to 2.0% on its November 16th meeting. The policymaker said that inflation accelerated to 8.2% in September significantly above the central bank’s target of 4 - 6 percent, on the back of an increase in commodity and shipping prices. In order to limit the second-order effects and to bring inflation back to the target, the monetary authority decided unanimously to hike the interest rate by 50 bps and to maintain other measures to contain Jamaican dollar liquidity expansion, so movements in the exchange rate do not threaten the inflation target. Also, the policymaker said that further rates hike would be welcome, if necessary, to curb inflation expectations and bring inflation sustainably to the target. Inflation is projected to average 5.5 percent to 6.5 percent over the next two years, which is higher when compared to the average inflation rate of 5.0 percent over the past two years. source: Bank of Jamaica
Interest Rate in Jamaica averaged 10.90 percent from 1996 until 2021, 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 November of 2021.
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. In the long-term, the Jamaica Interest Rate is projected to trend around 2.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.