IMF Managing Director Kristalina Georgieva
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IMF Managing Director Kristalina Georgieva
As Jamaica and other economies around the world consider decreasing interest rates, Managing Director of the International Monetary Fund Kristalina Georgieva said the approach must be cautious.
"Bring inflation down, keep your fiscal house in order and continue to focus on jobs and growth of the Jamaican people," she advised.
The Bank of Jamaica last Wednesday announced a reduction in its policy rate by 25 basis points to 6.75 per cent.
The rate cut by the central bank signalled the end of COVID-19 pandemic linked rate hikes, forced by higher inflation.
It was the first cut in the policy interest rate since August 2019, when it was lowered to 0.5 per cent.
The decision comes after 10 rate hikes by the central bank since October 2021, which brought the local policy interest rate to 7 per cent.
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