The Bank of Jamaica, BOJ, has held its key interest rate steady at 7.0 per cent for a third time, a decision that businesses have welcomed.
The central bank’s last rate increase was in November when the Monetary Policy Committee, MPC, had tacked on 50 basis points to the overnight rate that the central bank apply to funds deposited at the BOJ by banking institutions.
The BOJ had previously signalled restraint on future interest rate hikes in February, when it also opted to keep the rate unchanged. Instead, it announced a clamp down on bank cash through increases in the cash reserve ratio, which are due to take effect on April 1.