Jamaica Interest Rate

The Bank of Jamaica left its monetary policy rate unchanged at 6% in its March 2025 meeting, amid rising uncertainty over economic policies in Jamaica's key trading partners. The Board believes this stance will support inflation staying within the target range over the next two years. Inflation has stabilized, with headline inflation at 4.4% in February 2025, down from 6.2% a year earlier, and core inflation at 3.8%, continuing a trend of moderation. This reduction in inflation was driven by stable exchange rates, reduced imported inflation, and lower commodity prices. The MPC expects inflation to remain stable, barring any external shocks, though it acknowledged potential risks from global trade policy changes, particularly from the United States and other major economies. The BOJ remains committed to preserving stability and is ready to adjust its policy stance if inflation deviates from the target due to these uncertainties.