The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its November 2020 meeting. Policymakers said that inflation will be temporarily elevated over the next 4 – 5 months, but it will remain within target over the next two years. The Committee underscored that the revised inflation outlook is influenced by the impact of the recent flood rains on domestic agricultural supplies over the near term as well as the ongoing impact on the economy of the Covid-19 pandemic. Policymakers added that the decision aimed at ensuring that the annual inflation rate remains within the target range of 4.0 percent to 6.0 percent. source: Bank of Jamaica

Interest Rate in Jamaica averaged 11.34 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 December of 2020.

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 0.50 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.

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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
2020-06-29 10:55 PM 0.5% 0.5% 0.25%
2020-08-18 11:00 PM 0.5% 0.5% 0.25%
2020-09-30 11:00 PM 0.5% 0.5% 0.5%
2020-11-17 11:30 PM 0.5% 0.5% 0.5%
2020-12-18 11:00 PM 0.5% 0.5%


News Stream
Jamaica Holds Interest Rate at 0.50%
The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its November 2020 meeting. Policymakers said that inflation will be temporarily elevated over the next 4 – 5 months, but it will remain within target over the next two years. The Committee underscored that the revised inflation outlook is influenced by the impact of the recent flood rains on domestic agricultural supplies over the near term as well as the ongoing impact on the economy of the Covid-19 pandemic. Policymakers added that the decision aimed at ensuring that the annual inflation rate remains within the target range of 4.0 percent to 6.0 percent.
2020-11-17
Jamaica Keeps Interest Rate at 0.50%
The central bank of Jamaica kept the benchmark interest rate at the record low of 0.50 percent at its September meeting, saying inflation remaining within the target of 4.0 percent to 6.0 percent and economic activity will remain weak as a result of the ongoing COVID-19 pandemic.
2020-09-30
Jamaica Keeps Interest Rate at 0.50%
The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 18 August 2020 meeting. Policymakers noted that inflation conditions are generally appropriate to support inflation remaining within the target of 4.0 percent to 6.0 percent over the next eight quarters, although they now expect inflation to average 4.6 percent in the period, compared to the previous 4.4 percent forecast. Inflation jumped to 6.8 percent in June from 5.2 percent in the previous month.
2020-08-18
Jamaica Leaves Interest Rate Unchanged
The central bank of Jamaica kept the benchmark interest rate steady at 0.50 percent at its 29 June 2020 meeting. Policymakers noted that inflation conditions are generally appropriate to support inflation remaining within the target of 4.0 percent to 6.0 percent over the next eight quarters. They also underscored that inflation for the MArch quarter came at 4.8 percent, lower than the 6.2 percent at December 2019 and firmly within the target range.
2020-06-29

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.