Bank of Jamaica holds policy rate

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Bank of Jamaica holds policy rate

Wednesday, November 18, 2020

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The Bank of Jamaica (BOJ) yesterday announced its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with Bank of Jamaica) at 0.50 per cent per annum.

Monetary policy decisions taken by BOJ are aimed at ensuring that the annual increase in the prices of consumer goods and services (that is inflation) remains within the bank's inflation target range of 4.0 per cent to 6.0 per cent.

Yesterday's decision to hold the policy rate unchanged reflects Bank of Jamaica's assessment that, while inflation will be temporarily elevated over the next four to five months, it will remain within target over the next two years. This 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 novel coronavirus pandemic.

These and other factors influencing today's monetary policy decision will be discussed at Bank of Jamaica's monetary policy press briefing scheduled for tomorrow.

The next policy decision announcement date is December 18, 2020.


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