Is BOJ planning cut in interest rate?

Bank of Jamaica is dropping the 30 day repo rate as its policy rate effective July 1st. According to the central bank, “its policy rate will be the interest rate that it pays on overnight deposits held by deposit‐taking institutions at Bank of Jamaica currently 3.75 per cent per annum.”
The overnight rate when annualized, is sharply lower than the 30 days rate which currently sits at 4.75 percent per annum and could well be interpreted as an indication that BOJ is signaling that rates are due to fall. With low inflation currently being enjoyed, revaluation of the Jamaican dollar ahead of increased inflows in the next few months and a healthy Net International Reserves, the time seems almost perfect for the engineering of a cut in interest rates before too long.
The interest rate that BOJ pays on its 30 day certificates of deposit will no longer be designated as the policy rate. Bank of Jamaica will continues to offer 30 day certificates of deposit to primary dealers and deposit‐taking institutions, effective 28 July 2017, they will be issued in fixed volumes by competitive multiple‐price auctions.
According to the Central Bank they are making this change “in order to strengthen the relationship between the policy rate and market interest rates which, in turn, influence the spending and saving decisions made by businesses and consumers. By this means, the Bank is able to influence the rate of inflation in pursuit of the inflation target.
The move comes against the background of Treasury bill rates easing why open market one year rates have climbed to 8.82 percent in the most recent auction held on June 23, with 60 bids comprising $3.49 chasing after $3 million offered, rising from 6.06 percent on May 26 when there were 53 bids going after $2 million and rising to 7.07 percent on June 9 with 37 bids amounting to $2.07 chasing $3 million.
Treasury bills have seen 192 instrument ending mid-June at an average of 6.13 percent compared to 6.10 in May and 6.40 in April and the 91 days T-bill ending at 5.77 percent in June being slightly higher than the 5.65 percent in May.
Rates paid by the deposit taking institutions to the central bank on 14 day repo has fallen from a high of 7.68 percent on March 26, to just 5 percent on April 24 and now sits at 5.84 percent for the June 26 auction as three bidders applied for the funds available.