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. source: Bank of Jamaica
Interest Rate in Jamaica averaged 10.81 percent from 1996 until 2022, 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 May of 2022.
Interest Rate in Jamaica is expected to be 4.00 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 6.00 percent in 2023, according to our econometric models.