The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent on September 30th 2019, after cutting borrowing costs by 25 bps in the previous meeting to leave the key rate at its lowest level on record. Policymakers said that the decision was based on the bank’s assessment that monetary conditions are appropriate to support the achievement of the inflation target of 4.0 percent to 6.0 percent over the next 4 to 8 quarters. The Committee noted that the annual inflation rate fell to 4.1% in August from 4.3 percent in July and it is projected to slow to 3.7% at September before accelerating towards the middle of the target in the December 2019 quarter, given expectations for higher food prices in the context of hot, dry weather conditions. The Committee added that will continue to monitor the impact of monetary loosening on credit expansion, investment and economic growth; and will be ready to implement additional measures to meet the inflation target if necessary. Interest Rate in Jamaica averaged 11.78 percent from 1996 until 2019, reaching an all time high of 33 percent in October of 1996 and a record low of 0.50 percent in August of 2019.

Interest Rate in Jamaica is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Jamaica to stand at 0.75 in 12 months time. In the long-term, the Jamaica Interest Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

Jamaica Interest Rate
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-20 04:30 PM Interest Rate Decision 0.75% 1.25% 1.25%
2019-06-27 11:00 PM Interest Rate Decision 0.75% 0.75% 0.75%
2019-08-27 11:00 PM Interest Rate Decision 0.50% 0.75% 0.75%
2019-09-30 11:15 PM Interest Rate Decision 0.50% 0.50% 0.5%
2019-11-19 11:00 PM Interest Rate Decision 0.50% 0.5%
2019-12-20 11:00 PM Interest Rate Decision 0.5%

Jamaica Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 33.00 0.50 percent [+]
Deposit Interest Rate 3.20 3.70 36.40 3.20 percent [+]
Money Supply M1 258036.28 256591.03 258036.28 26564.60 JMD Million [+]
Money Supply M2 560699.72 551952.47 560699.72 79732.50 JMD Million [+]
Central Bank Balance Sheet 647481.70 658846.90 718459.00 146770.40 JMD Million [+]
Foreign Exchange Reserves 3200.17 3212.56 3971.17 0.00 USD Million [+]

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. This page provides - Jamaica Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica Interest Rate - actual data, historical chart and calendar of releases - was last updated on October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 33.00 0.50 1996 - 2019 percent Daily

Country Last Previous
Argentina 68.00 Oct/19
Turkey 16.50 Sep/19
Mexico 7.75 Sep/19
Russia 7.00 Sep/19
South Africa 6.50 Sep/19
Brazil 5.50 Sep/19
Indonesia 5.25 Sep/19
India 5.15 Oct/19
China 4.20 Oct/19
Saudi Arabia 2.50 Sep/19
United States 2.00 Sep/19
Canada 1.75 Sep/19
Singapore 1.72 Sep/19
South Korea 1.25 Oct/19
Australia 0.75 Oct/19
United Kingdom 0.75 Sep/19
Euro Area 0.00 Sep/19
France 0.00 Sep/19
Germany 0.00 Sep/19
Italy 0.00 Sep/19
Netherlands 0.00 Sep/19
Spain 0.00 Sep/19
Japan -0.10 Sep/19
Switzerland -0.75 Sep/19