The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 27 March 2020 meeting. Regarding the coronavirus outbreak, the central bank announced a series of measures: with effect from 19 March 2020, the CB temporarily increased the limit on the foreign currency net open positions of authorised dealers by 5 percentage points; with effect from 18 March 2020, the Bank removed the limit on the amounts that deposit-taking institutions (DTIs) can borrow overnight without being charged a penal rate, and the Bank commenced a bond buying programme where we will purchase GOJ securities on the secondary market from financial institutions which hold these instruments.
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. Jamaica Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2020. source: Bank of Jamaica
Interest Rate in Jamaica is expected to be 0.25 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 0.25 in 12 months time. In the long-term, the Jamaica Interest Rate is projected to trend around 0.50 percent in 2021 and 1.00 percent in 2022, according to our econometric models.