BOJ holds policy interest rate at 0.5 per cent

BOJ holds policy interest rate at 0.5 per cent

Wednesday, November 20, 2019

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Bank of Jamaica (BOJ) announced yesterday its decision to hold the policy interest rate (the rate offered on overnight placements with Bank of Jamaica) unchanged at 0.50 per cent per annum, effective Wednesday, 20 November 2019.

As with the previous decision announced in September 2019, BOJ's decision to hold the policy rate unchanged is “based on the Bank's current assessment that monetary conditions are generally appropriate to support the achievement of the inflation target of 4.0 per cent to 6.0 per cent over the ensuing eight quarters.,” the bank said in a news release.

The inflation target was set by the Government to facilitate a faster pace of economic growth.

BOJ will continue to closely monitor the impact of the significant monetary loosening on credit expansion, capital market transactions, overall economic activity and, consequently, the impact on inflation, to determine the appropriate future path for the policy ratem the Bank said.

Other macroeconomic indicators continue to be positive. Foreign reserves are adequate, the current account of the balance of payments remains sustainable, market interest rates are low, labour market conditions continue to improve and fiscal performance is strong.

More details on the factors influencing the monetary policy decision will be discussed at the BOJ's upcoming monetary policy press briefing scheduled for tomorrow.

The next policy decision announcement date is 20 December 2019.

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