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.