BOJ increases policy rate to 6%
Published:Thursday | August 18, 2022 | 5:58 PM
The Bank of Jamaica (BOJ) announced Thursday its eighth straight increase in the policy rate it pays on deposits parked by deposit-taking institutions at the central bank.
The move will effectively send loan rates higher for borrowers at financial institutions.
The increase by 50 basis points to 6.0 per cent, effective August 19, is the fifth rate increase this year.
The latest rate rise caps some 10 months of the BOJ increasing the policy rate by a cumulative 550 basis points from 0.5 per cent, where it had remained for more than two years from August 2019 to September 2021.
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