Bank of Jamaica hikes rates by 50bp
Central bank says escalating geopolitical tensions and El Niño are driving inflationary pressures
The Bank of Jamaica has raised its benchmark policy rate for the first time since 2022 amid rising inflationary pressures from global conflicts and El Niño weather patterns.
In a statement on September 28, the bank’s monetary policy committee (MPC) said it had hiked rates by 50 basis points to 6%. “The escalation of tensions in the Middle East and the Russia-Ukraine conflict have resulted in a worsening of persistently high commodity prices consistent with the assumptions underpinning the [bank’s
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