The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent at its 19 February 2020 meeting, saying that the decision was based on the continued view that monetary conditions are generally appropriate to support inflation remaining within 4.0 per cent to 6.0 percent and a faster pace of economic growth. The Bank underscored robust lending activity and said that it will continue to closely monitor the trends in credit from banks, capital market transactions, overall economic activity and most importantly, inflation, to determine the future path for the policy rate.

Interest Rate in Jamaica averaged 11.63 percent from 1996 until 2020, 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. source: Bank of Jamaica

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 2021, according to our econometric models.


Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Jamaica Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 33.00 0.50 1996 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-09-30 11:15 PM 0.50% 0.50% 0.5%
2019-11-19 11:00 PM 0.50% 0.50% 0.5%
2019-12-23 04:15 PM 0.5% 0.50% 0.5%
2020-02-20 02:00 AM 0.5% 0.5% 0.5%
2020-03-27 11:00 PM 0.5% 0.5%
2020-05-18 11:00 PM
2020-06-29 11:00 PM 0.75%
2020-08-18 11:00 PM


News Stream
Jamaica Holds Interest Rate at 0.50%
The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent at its 19 February 2020 meeting, saying that the decision was based on the continued view that monetary conditions are generally appropriate to support inflation remaining within 4.0 per cent to 6.0 percent and a faster pace of economic growth. The Bank underscored robust lending activity and said that it will continue to closely monitor the trends in credit from banks, capital market transactions, overall economic activity and most importantly, inflation, to determine the future path for the policy rate.
2020-02-20
Jamaica Leaves Monetary Policy Unchanged
The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent at its December 23rd 2019 meeting, saying 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 climbed to 4.6 percent in November, its highest since May on the back of agricultural food prices. Bank of Jamaica views the level of November’s agricultural food prices as a peak and expects those prices to start falling in December as agricultural production recovers.
2019-12-23
Jamaica Holds Interest Rate at 0.50%
The central bank of Jamaica kept its key policy interest rate steady at 0.50 percent at its November 18th 2019 meeting. 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 3.3% in October from 3.4 percent in September, falling for the third month and expected to return to the middle of the target in the next months, 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.
2019-11-19
Jamaica Leaves Monetary Policy Unchanged
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.
2019-09-30

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.