The central bank of Jamaica kept the benchmark interest rate at the record low of 0.5% in August 2021 but agreed to consider commencing a tightening of monetary policy at its next meeting in September 2021. The Committee also decided to implement other measures aimed at moderating inflation expectations, including the containment of Jamaican dollar liquidity expansion. Policymakers noted that recent significant increases in international commodity prices will cause inflation in Jamaica to temporarily breach the upper limit of the Bank’s target range from as early as the September 2021 quarter. Inflation is projected to average 5½ to 6½ per cent over the next two years, which is higher when compared to an average inflation rate of 5.0 per cent over the past two years and an upward revision relative to the previous forecast. source: Bank of Jamaica
Interest Rate in Jamaica averaged 10.96 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 September of 2021.
Interest Rate in Jamaica is expected to be 0.75 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 1.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.