The Bank of Jamaica (BOJ) will reduce its interest rate, effective Friday, November 22.
The central bank will cut the rate on deposits by 25 basis points, moving from 6.5 per cent to 6.25 per cent.
The rate cut is the third since the pandemic induced rate hikes.
The BOJ's Monetary Policy Committee says the decision was supported by lower inflation expectations, despite a temporary rise in prices due to Hurricane Beryl and other weather events.
The BOJ is projecting inflation will remain broadly within the bank's target range of 4 to 6 per cent over the next two years.
The central bank says, however, there are uncertainties related to potential economic policy changes among Jamaica's main trading partners. This could have adverse implications for investment and remittance inflows.
The next policy decision announcement is on December 20.
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