BOJ holds policy interest rate at 0.50%

COVID-19 Forces Banks to Suspend Distribution of Dividends
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Bank of Jamaica (BOJ) announces its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with BOJ) unchanged at 0.50 per cent per annum.

Bank of Jamaica has kept the policy rate at the historic low level of 0.50 per cent based on its assessment that inflation will generally continue to remain within the target of 4.0 per cent to 6.0 per cent over the next two years. The Bank’s accommodative monetary policy posture is also aimed at supporting a recovery in economic activity in Jamaica.

The economic outlook for Jamaica remains uncertain in the context of the ongoing COVID-19 pandemic but BOJ remains cautiously optimistic, particularly in light of the commencement of the domestic vaccination programme against the COVID-19 virus. The Bank will continue to assess and monitor new developments as they emerge and take appropriate actions, as needed.

The date of the next policy decision announcement, to be issued by the Bank’s newly formed Monetary Policy Committee is 18 May 2021.

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