Jamaica Interest Rate

Last Release

Mar 28, 2024

Actual

Units In

Frequency

Daily

Next Release

May 20, 2024

Time to Release

1 Months 18 Days 21 Hours

Highest	Lowest	Average	Date Range	Source
33 Sep 1996	0.5 Aug 2019	10.53 %	1996-2024	Bank of Jamaica

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.

Latest Updates

The Bank of Jamaica maintained its benchmark interest rate at 7% for the eleventh consecutive time in March 2024, while also ensuring stability in the foreign exchange market and tight Jamaican dollar liquidity conditions. This decision was influenced by Jamaica's headline inflation rate of 6.2% in February 2024, which remained above the Bank's target range of 4.0% to 6.0%. Despite positive macroeconomic factors such as declining international commodity prices and stable exchange rates, inflation is expected to persist above the target range due to past and anticipated increases in public passenger vehicle fares. The MPC will continue to closely monitor these inflation risks and stands ready to adjust monetary policy if necessary, including considering further interest rate hikes.