The central bank of Jamaica left its key policy interest rate at 0.75 percent at its June meeting, after trimming it by 50 bps in the previous meeting. Policymakers said that the decision is consistent with the inflation target range (4 percent – 6 percent) and stimulates the private sector credit which should led to a stronger economic activity. The Committee noted that the risks to the inflation outlook are assessed to be balanced. Policymakers added that the inflation rate is expected to increase towards the mid-point of the target by the March 2020 quarter and will decline towards the bottom of the target in the period after the March 2020 quarter. Interest Rate in Jamaica averaged 11.90 percent from 1996 until 2019, reaching an all time high of 33 percent in October of 1996 and a record low of 0.75 percent in May of 2019.

Interest Rate in Jamaica is expected to be 0.75 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 2.50 percent in 2020, according to our econometric models.

Jamaica Interest Rate
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-20 11:30 PM Interest Rate Decision 1.50% 1.75% 1.75%
2019-03-27 11:00 PM Interest Rate Decision 1.25% 1.50% 1.5%
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 0.75% 0.75%
2019-09-30 11:00 PM Interest Rate Decision 0.75%
2019-11-19 11:00 PM Interest Rate Decision 0.5%

Jamaica Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 33.00 0.75 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 658987.00 636474.60 718585.84 146814.40 JMD Million [+]
Foreign Exchange Reserves 3343.53 3277.74 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.75 0.75 33.00 0.75 1996 - 2019 percent Daily

Country Last Previous
Argentina 59.01 Jul/19
Turkey 24.00 Jun/19
Mexico 8.25 Jul/19
Russia 7.50 Jun/19
South Africa 6.75 May/19
Brazil 6.50 Jun/19
Indonesia 6.00 Jun/19
India 5.75 Jul/19
China 4.35 Jun/19
Saudi Arabia 3.00 Jun/19
United States 2.50 Jun/19
Canada 1.75 Jul/19
South Korea 1.75 Jun/19
Singapore 1.67 Jun/19
Australia 1.00 Jul/19
United Kingdom 0.75 Jun/19
Euro Area 0.00 Jun/19
France 0.00 Jun/19
Germany 0.00 Jun/19
Italy 0.00 Jun/19
Netherlands 0.00 Jun/19
Spain 0.00 Jun/19
Japan -0.10 Jun/19
Switzerland -0.75 Jun/19