Jamaica Central Bank Cuts Rates for the Third Consecutive Meeting

Forex - The Bank of Jamaica (BoJ) has implemented a 25 basis point rate cut for the third consecutive meeting. According to the BoJ's announcement, the benchmark interest rate has been reduced from 6.50% to 6.25%. The BoJ's Monetary Policy Committee (MPC) stated that the decision to further ease monetary policy is based on improvements in the inflation outlook. Inflation is expected to remain largely within the Bank's target range over the next two years. In Jamaica, inflation was recorded at 4.9% in October. The BoJ's inflation target range is set at 4-6%. The committee emphasized that future adjustments to interest rates will be gradual and will continue to depend on incoming data.