BOJ keeps policy interest rate at 0.5 per cent

BOJ keeps policy interest rate at 0.5 per cent

Wednesday, September 30, 2020

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KINGSTON, Jamaica — The Bank of Jamaica (BoJ) has announced its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with BoJ) unchanged at 0.50 per cent per annum.

In a statement this afternoon, the central bank indicated that its decision was based on the COVID-19 pandemic and its continuous adverse impact on economic activity.

“Bank of Jamaica has therefore kept the policy rate at the historic low of 0.50 per cent given our view that, in these circumstances, inflation will remain within the target of 4.0 per cent to 6.0 per cent and economic activity will remain weak,” the statement read.

“The economic outlook for Jamaica remains highly uncertain in the context of the ongoing COVID-19 pandemic but Bank of Jamaica will continue to assess incoming data and stands ready to implement other policy measures if the need arises,” it added.

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