Bank of Jamaica will cut its overnight rate to 6.75 percent effective Wednesday this week, the country’s central bank announced today.
The new rate is a reduction from 7 percent per annum that was in place form late 2021. The reduction has been telegraphed to the market, with CD rates falling to 8.84 percent last week, with inflation running under 4 percent per annum for 2024 at the bottom end of the bank’s mandated target.
Tempered cuts in overnight rate
August 20, 2024 by
