Bank of Jamaica chooses overnight deposits for new policy rate
Bank of Jamaica continues to make changes to monetary policy framework with goal of fully fledged inflation targeting in mind
In the latest change to its monetary policy framework, the Bank of Jamaica will use its overnight deposit rate as the new policy rate, the institution announced on June 27.
Effective from July 1, the central bank will no longer use the rate it pays on its 30-day certificates of deposit as the policy rate.
In making this change to the monetary policy framework, the central bank is “strengthening the relationship between the policy rate and market interest rates which, in turn, influence the
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