Jamaica ups policy rate by 50 basis points
Central bank “reduces monetary accommodation” as island faces high inflation
The Bank of Jamaica monetary policy committee raised the island-nation’s policy rate from 1.5% to 2% on November 16.
The MPC’s decision, taken unanimously, marked the second consecutive increase, after a 100-basis point hike in October. The October rate hike marked the first monetary tightening since 2019. In its press release, the central bank characterises its hawkish turn as “further [reducing] the level of monetary policy accommodation”.
The central bank’s near-term forecasts predict that
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