The Bank of Jamaica's monetary policy interest rate is now 2.5 per cent.
The Monetary Policy Committee made the decision on Monday to add 50 basis points to the rate.
The monetary policy interest rate is paid by the BoJ to deposit taking institutions on deposits held in their current account at the central bank.
The policy committee said the decision to further increase the rate was in a bid to restore inflation to the target range of four to six per cent.
The increase is expected to restrict demand for cash and push up the cost of borrowing.
The next meeting of the Monetary Policy Committee will be on February 18, 2022.
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