Summary of Monetary Policy Discussion and Decision – February 2023

At its meeting on 16 and 17 February 2023, the Monetary Policy Committee (MPC)
unanimously decided to increase by one percentage point (pp) the domestic and the foreign
currency Cash Reserve Requirements (CRRs) applicable to deposit-taking institutions
(DTIs), effective 01 April 2023. This decision represents a part of the central bank’s efforts
aimed at underpinning the return of inflation to the target range of 4.0 to 6.0 per cent.
Currently, DTIs are required to hold a minimum of 5.0 per cent of their

Jamaic Press Release – Monetary Policy Decision 20 February 2023