Bank of Jamaica (BOJ) has announced a hike in its policy interest rate to 4 percent per annum, effective February 21, 2022, and brings to its fourth increase implemented since September 2021.
According to a release decision by the central bank’s monetary policy committee decided to pursue stronger measures to contain Jamaican dollar liquidity expansion and to maintain stability in the foreign exchange market. Finally, consistent with meeting its inflation target sustainably in the medium term, the MPC agreed to consider maintaining or expanding its suite of policy measures at subsequent policy meetings. This position is subject to inflation, inflation expectations, and other macroeconomic data evolving as projected.
Amid rising inflation that’s running well beyond the bank’s target range, BOJ on Friday increased the rate on overnight deposits held at the central bank by an accelerated 150 basis points, from 2.5 per cent to 4.0 per cent.
Its next rate decision is scheduled for release on March 29.
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