Bank of Jamaica, downtown Kingston. - File
THE BANK of Jamaica (BOJ) on Friday reduced interest rates for the 14th consecutive time, since rates were hiked to 35 per cent in March 2003.
This latest rate reduction applies to the entire spectrum of BoJ open market instruments.
The new rates are as follows:
30-day down from 14.85 per cent to 14.60 per cent.
60-day down from 15.00 per cent to 14.70 per cent.
The new rate for the 90-day instrument is 14.80 per cent, coming from 15.10 per cent
The 180-day instrument has come down from 16.00 per cent to 15.60 per cent (a 40 change in basis points).
For the longer term instruments, the rates for 270-day fell from 16.95 per cent to 16.50 per cent, while the new rate for the 365-day instrument now stands at 17.40 per cent, down from 17.95 per cent (a 55 basis points change).
"This latest adjustment in interest rates comes against the background of a period of sustained exchange rate stability and buoyant flows to the foreign exchange market, together with a steady growth in the net international reserves (NIR).
Further, these conditions are expected to persist given the prospects for improved performance in the tourism and mining sectors," said the BoJ through a release issued on Friday.
