The central bank of Jamaica held its benchmark interest rate at 7% in its December 2022 meeting, holding key borrowing costs steady for the first time after 10 consecutive rate hikes and signaling a pause in the central bank’s tightening cycle. The pivot was based on incoming data that suggested a favorable inflation outlook in the Jamaican economy, as international commodity prices are expected to ease. Members also noted that November’s 10.3% inflation rate was in range with the bank’s expectations and core inflation slowed from that of the prior month, absent of upside surprises. Meanwhile, the Monetary Policy Committee noted that interest rates in money markets and capital markets have risen in line with higher policy rates, underscoring sound transmission of monetary tightening. source: Bank of Jamaica

Interest Rate in Jamaica averaged 10.69 percent from 1996 until 2022, reaching an all time high of 33.00 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 February of 2023.

Interest Rate in Jamaica is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Jamaica Interest Rate is projected to trend around 5.00 percent in 2024, according to our econometric models.

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Jamaica Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-29 09:30 PM 6.5% 6.0% 6%
2022-11-18 09:30 PM 7.0% 6.5% 7%
2022-12-20 09:30 PM 7.0% 7.0% 7%
2023-02-20 09:30 PM 7.0% 7.0%
2023-03-29 09:30 PM
2023-05-19 09:30 PM


Related Last Previous Unit Reference
Interest Rate 7.00 7.00 percent Dec 2022
Foreign Exchange Reserves 4343.23 4227.53 USD Million Dec 2022
Money Supply M2 831234.40 829756.80 JMD Million Oct 2022
Money Supply M1 403222.50 399254.70 JMD Million Oct 2022
Money Supply M3 1003522.70 1001774.20 JMD Million Aug 2021
Central Bank Balance Sheet 1133216.00 1070095.00 JMD Million Aug 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 33.00 0.50 1996 - 2022 percent Daily

News Stream
Bank of Jamaica Pauses Tightening Cycle
The central bank of Jamaica held its benchmark interest rate at 7% in its December 2022 meeting, holding key borrowing costs steady for the first time after 10 consecutive rate hikes and signaling a pause in the central bank’s tightening cycle. The pivot was based on incoming data that suggested a favorable inflation outlook in the Jamaican economy, as international commodity prices are expected to ease. Members also noted that November’s 10.3% inflation rate was in range with the bank’s expectations and core inflation slowed from that of the prior month, absent of upside surprises. Meanwhile, the Monetary Policy Committee noted that interest rates in money markets and capital markets have risen in line with higher policy rates, underscoring sound transmission of monetary tightening.
2022-12-20
Jamaica Hikes Interest Rates by 50 Bps
The central bank of Jamaica raised its benchmark interest rate by 50bps to 4.5% on March 29th of 2022, as well as decided to continue pursuing other measures to contain Jamaican dollar liquidity expansion and maintain stability in the foreign exchange market. The MPC’s decisions aim to limit the second-round effects of the ongoing and protracted commodity price shock and guide inflation back to the target range over the next two years. Annual inflation in February 2022 came at 10.7 per cent, much above the upper limit of the Bank’s target range of 4.0 per cent to 6.0 per cent. The central bank expects inflation to successively breach the upper limit over the next 8 – 10 months, peaking in the range of 9.0 to 11.0 per cent. The major upside risk is higher-than-projected increases in international commodity and shipping prices, triggered by the Russia-Ukraine war.
2022-03-29
Jamaica Hikes Interest Rates by 150Bps
The central bank of Jamaica raised its benchmark interest rate by 150bps to 4% on February 18th of 2022, as well as stronger measures to contain liquidity expansion and ensure foreign exchange stability. Interest rates weren’t this high since June of 2017, as policymakers said that inflation continued to accelerate and stood well above target, while the prospects of faster tightening plans by major foreign central banks could precipitate capital outflows and pressure the Jamaican dollar. The bank also noted that underlying demand pressures may also begin to threaten the stability of foreign exchange rates and, with it, risking efforts to bring down inflation. Looking forward, the committee agreed to maintain or tighten monetary policy further in future meetings to ensure the medium-term inflation target, namely the annual inflation rate target range of 4 to 6%.
2022-02-18