The Bank of Jamaica (BOJ) has announced its decision to hold the policy interest rate (the rate offered on overnight placements with the Central Bank) unchanged at 0.50 per cent per annum.

Monetary policy decisions taken by the BOJ are aimed at ensuring that the annual increase in the prices of consumer goods and services (i.e. inflation) remain within the Bank’s inflation target of 4.0 per cent to 6.0 per cent.

Today’s decision to hold the policy rate unchanged was made by a unanimous vote by the Bank’s newly formed Monetary Policy Committee (MPC).

A summary of the discussions influencing today’s monetary policy decision has been published on the Bank’s website and will be discussed at the BOJ’s monetary policy press briefing, scheduled for tomorrow, (May 19).

The next policy decision announcement date is June 30.