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.

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Jamaica Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 33.00 0.50 1996 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-02-16 09:30 PM 0.5% 0.5% 0.5%
2021-03-29 09:30 PM 0.5% 0.5% 0.5%
2021-05-18 09:30 PM 0.5% 0.5% 0.5%
2021-08-19 09:30 PM 0.5% 0.5% 0.5%
2021-09-30 09:30 PM 0.5% 0.75%
2021-11-16 09:30 PM
2021-12-20 09:30 PM


News Stream
Jamaica Signals Interest Rate Hike in September
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.
2021-08-19
Bank of Jamaica Keeps Interest Rate at Record Low
The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its 18 May meeting. Policymakers said the decision aimed at ensuring that the annual inflation remains within the bank’s target of 4.0 percent to 6.0 percent. Jamaica’s annual consumer price inflation slowed to 3.8 percent in April of 2021 from 4.5 percent in the previous month.
2021-05-18
Jamaica Holds Interest Rate at 0.5%
The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its 29 March meeting. Policymakers said that inflation will generally remain within the target of 4.0 percent to 6.0 percent over the next two years. Annual inflation declined to 3.8 percent in February from 4.7 percent in January. The Committee underscored that the revised inflation outlook is influenced by the impact of the recent flood rains on domestic agricultural supplies over the near term as well as the ongoing impact on the economy of the Covid-19 pandemic.
2021-03-29
Jamaica Holds Interest Rate at 0.5%
The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its 16 February 2021 meeting. Policymakers said that inflation will generally remain within the target of 4.0 percent to 6.0 percent over the next two years and average 5.0 percent in that horizon. Annual inflation jumped to 5.2 percent in December from 4.3 percent in November. The Committee underscored that the revised inflation outlook is influenced by the impact of the recent flood rains on domestic agricultural supplies over the near term as well as the ongoing impact on the economy of the Covid-19 pandemic.
2021-02-16

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.