The Bank of Jamaica’s Monetary Policy Committee (MPC) has agreed to maintain the policy interest rate at 7 per cent.

This is the rate offered to deposit-taking institutions on overnight placements with the Bank of Jamaica (BOJ).

Bank of Jamaica Governor Richard Byles spoke on the matter at the BOJ’s Quarterly Monetary Policy Report press conference this morning.

Governor Byles said the decision to maintain the monetary policy stance is based on the MPC’s view that while inflation in October this year fell within the Bank’s target range, it is projected to rise above the target range between the December 2023 and March 2025 quarters.

He said the move will also allow more flexibility in the Bank’s open market operations and allow money market interest rates to move up and down, based on the circumstances in the market.