Overnight rate hiked again

The interest rate charged by the Bank of Jamaica (BOJ) to deposit-taking institutions on overnight fund placements was pushed by 50 basis points to 2 percent per annum, effective November 17.
The increase is the second move in two months and follows a one percentage point increase in September. According to the country’s central bank, “while not targeting any specific level of the exchange rate, they will continue to ensure that movements in the exchange rate do not threaten the inflation target.” Consistent with meeting its inflation target sustainably in the medium term, the Bank’s Monetary Policy Committee (MPC) agreed to consider further increases in the Bank’s policy rate and, by extension, raising rates to achieve real interest rates, from the current significant current negative rates and maintain or intensify the accompanying measures at subsequent policy meetings.
“The decision to further reduce the level of monetary policy accommodation was made unanimously by the MPC. This was based on the MPC’s assessment that this action was necessary to limit the second-round effects of recent shocks and to guide inflation back within the target range over the next two years,” BOJ states.
And BOJ went on to say, “this reduction in the level of monetary accommodation will cause market-based interest rates to rise further, which will make the returns on Jamaican dollar assets more attractive relative to foreign currency assets. It will also make saving in Jamaican dollars more attractive and borrowing in Jamaican dollars more expensive. These effects are intended to temper the demand for foreign currency and hence moderate the pace of depreciation in the exchange rate; and, generally, reduce demand in the economy and with it the ability of businesses to pass on price increases to consumers.”
”Inflation is projected to average 5.5 percent to 6.5 percent over the next two years. Inflation will continue to breach the upper limit of the Bank’s target range over the next 10 to 12 months at higher rates than were envisaged in the previous forecast and is projected to peak in the range of 8 to 9 percent over this period. The inflation forecast assumes, inter-alia, the continued transmission of higher international commodity and shipping prices to domestic processed food, food-related services and energy price inflation as well as a recovery in domestic demand.”

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