Bank of Jamaica (BOJ) announces its decision to hold the policy interest rate (the rate offered
to deposit-taking institutions on overnight placements with BOJ) unchanged at 0.50 per cent
per annum. The Bank also decided to consider commencing a tightening of monetary policy at
the next meeting of the Bank’s Monetary Policy Committee (the Committee/MPC) in
September 2021 and to immediately implement other measures aimed at moderating inflation
expectations, including the containment of Jamaican dollar liquidity expansion. While the Bank
does not target any specific level of the exchange rate, Bank of Jamaica will also seek to ensure
that movements in the exchange rate do not threaten the inflation target.


Summary of Monetary Policy Discussion and Decision August 2021