Bank of Jamaica
The Bank of Jamaica's Monetary Policy Committee has voted to maintain the policy rate at six per cent per annum, signaling confidence in Jamaica's inflation outlook.
This decision comes even as uncertainty grows around economic policies in Jamaica's key trading partners.
At its March 25–26 meeting, the Committee also decided to lower the interest rate on its Standing Liquidity Facility from 8 to 7%, effective March 28.
This move will reduce borrowing costs for commercial banks, ensuring greater stability in short-term market interest rates.
Inflation continues to trend downward, with annual headline inflation at 4.4% in February 2025, a significant drop from 6.2% in February 2024.
Core inflation, which excludes food and fuel prices, stood at 3.8%, marking its 20th consecutive month below six per cent.
The BOJ attributes this stability to a steady exchange rate, surplus on external accounts, moderated private sector wage pressures, and lower imported inflation.
Despite last year's adverse weather affecting agriculture, inflation remains on track within the BOJ's target range.
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