The Bank of Jamaica's Monetary Policy Committee has agreed to hold the policy interest rate at seven per cent. The decision was made at meetings held on November 17 and 20.
The policy interest rate is the rate offered to deposit taking institutions on overnight placements with the BOJ.
The Committee says its decision to maintain the rate is based on the view that, while inflation at October fell within the BOJ's target range of four to six per cent, it is projected to rise above the target range between the December 2023 and March 2025 quarters.
Downside risks to this outlook include fiscal measures to counteract the inflationary pressures from recent regulated price increases, the relative stability in core inflation and the prospect of the US Federal Reserve board maintaining its policy rate in the near future.
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