Jamaican central bank makes first rate rise since 2019
Central bank forecasts inflation will be above target for two years as it hikes rate by 100bp
The Bank of Jamaica’s monetary policy committee announced a 100 basis point increase in its policy rate on September 30, its first rise in 25 months.
The policy rate now stands at 1.5%, as the central bank said that inflation had reached 6.1% in August, up from 5.3% in July. Inflation has now breached the central bank’s rate corridor of 4% to 6%.
The MPC said in a statement that it had agreed to reduce its level of monetary policy accommodation” to reduce “the second round effects” of a number
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