Bank of Ja reduces interest rates again
published: Tuesday | January 13, 2004

INTEREST RATES applicable to Bank of Jamaica open market instruments have been reduced with effect from January 9, 2004. The new schedule of rates is as follows:

This move represents the seventh in a series of downward adjustments since interest rates on these interments peaked in March 2003. The recent history of changes to BoJ rates is set out below .

The latest round of reductions takes place in the context of continued stability in the foreign exchange market, strong prospects for continued buoyancy in tourism earnings over the winter season and adequate foreign exchange reserves. The outlook for continued real economic expansion over the near term in positive and international financial markets is stable. The Bank is of the view that underlying or core inflationary pressures have moderated.