Jamaika Zinssatz

The Bank of Jamaica maintained its benchmark interest rate at 7% for the eleventh consecutive time in March 2024, while also ensuring stability in the foreign exchange market and tight Jamaican dollar liquidity conditions. This decision was influenced by Jamaica's headline inflation rate of 6.2% in February 2024, which remained above the Bank's target range of 4.0% to 6.0%. Despite positive macroeconomic factors such as declining international commodity prices and stable exchange rates, inflation is expected to persist above the target range due to past and anticipated increases in public passenger vehicle fares. The MPC will continue to closely monitor these inflation risks and stands ready to adjust monetary policy if necessary, including considering further interest rate hikes.