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.