Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS
The Bank of Jamaica (BOJ) has raised its policy interest rate by 100 basis points to 1.50% as inflation breached the upper limit of the bank’s target range in August. However the action will “moderate” the economy’s growth potential.
The policy interest rate has stood at a historic low of 0.5% since August 2019. Currently inflation is tracking at 6.1%. The inflation target stands between 4 – 6%. Accompanying the policy interest rate increase, the BOJ has also opted to continue implementing measures to contain Jamaican dollar liquidity expansion. “The recent significant increases in international commodity prices and shipping costs have had a stronger than expected pass through to local prices. These increases have contributed to a further rise in inflation expectations, which were already elevated,” the BOJ stated. This in the wake of data indicating 14.2% in the Aril to June quarter. The growth out-turn was the result of increases in both the services and goods-producing industries of 14.8% and 12.7%, respectively. (JG) (Loop)
Extract from CARICOM BUSINESS Newsletter, Vol 4 No 39
Click on Image or Link below to read full Newsletter
Caricom Business October 2 2021-vol-4-no-39
You may also be interested in:
Remarks by Senator the Hon. Paula Gopee-Scoon, Minister of Trade and Industry of Trinidad and Tobago, and Chair of the Council for Trade and Economic Development (COTED), at a meeting with Ambassador Katherine Tai, U.S. Trade Representative, 2 August 2024.
Let me first express my extreme delight in joining Minister Todd and representatives of the CARICOM Secretariat in welcoming Ambassador Tai to Guyana and CARICOM.Related Stories
Jamaica’s unemployment rate plummets to 6%: CARICOM BUSINESS
The unemployment rate for April 2022 decreased to 6.0%, 3.0 percentage points lower than in the same quarter of 2021.
Bahamas collects $931 million in revenue in 11 months: CARICOM BUSINESS
The Department of Inland Revenue (DIR) in the Bahamas has collected $930.57 million in taxes from July 1, 2021 to end of May, exceeding current FYprojections by $100 million.