As we ease into 2023, the Jamaica Observer Business Desk harks back to 2022 and has compiled some noteworthy moments that made it the year it turned out to be.
1) BOJ raises interest rates to 11–year high – In response to inflation continuing to surpass its target range of four to six per cent, the Bank of Jamaica (BOJ) raised its policy rate from 2.50 per cent to 7.00 per cent which involved seven rate hikes. This action in conjunction with other measures to mop up liquidity was targeted at trying to push down demand and also assist in maintaining financial stability. The BOJ has deemed that its actions have assisted in keeping the economy from overheating and preventing a significant depreciation of the currency against the United States dollar where that country’s central bank has started to aggressively raise interest rates. While point-to-point inflation peaked at 11.8 per cent in April and steadily came down later in the year, point-to-point inflation trended back up with November at 10.3 per cent with core inflation at 8.8 per cent. Most deposit taking institutions hiked interest rates on existing customers and increased interest rates on new loans and other financial products with more hikes set to take effect in the first quarter of 2023. This i
As we ease into 2023, the Jamaica Observer Business Desk harks back to 2022 and has compiled some noteworthy moments that made it the year it turned out to be.
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