The Bank of Jamaica will cut the overnight rate effective 21 May 2025 to 5.75 percent. The decision took place at their Monetary Policy Committee meeting, which ended today.
Following their assessment, the MPC unanimously agreed to reduce the policy rate (the rate offered to deposit-taking institutions on overnight placements with the Bank of Jamaica by 25 basis points from 6 percent to 5.75 per cent per annum.
The central bank had telegraphed the reduction for April with bot CD and Treasury bill rates falling well below 6 percent, with the amount of 30 days CDs falling under $90 billion from as much as $160 billion last year March.