BOJ increases policy interest rate to 5.5%

The Bank of Jamaica's policy interest rate has been increased to 5.5 per cent.
The BOJ's Monetary Policy Committee announced Wednesday that 50 basis points will be added to the rate effective Thursday.
Since October last year, 500 basis points have been added to the BOJ's interest rate. 
The central bank maintains that the rate hike is to tighten liquidity in the economy thereby reducing the urge to spend.
It hopes this strategy will reduce inflation.

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