BOJ Governor says Jamaica could see hike in interest rates soon
Bank of Jamaica (BOJ) Governor Richard Byles has indicated that the country could see further increases in interest rates, soon.
The bank’s latest increase to deposit-taking institutions was by 500 basis points to 6.5% per annum, effective September 30.
Speaking at an Inter-American Development Bank (IDB) seminar this morning (October 13), Governor Byles noted that the policy rate of 6.5% is a safeguard to try and keep capital in the country.
Governor Byles said a further increase in interest rates is highly likely.