Bank of Jamaica continues tightening cycle
MPC adds 50bp, describing May inflation drop as mainly due to “temporary effects”
The Bank of Jamaica’s monetary policy committee raised its policy rate by 50 basis points to 5.5%, the seventh consecutive increase since September.
The MPC approved the hike unanimously.
In its press release, the MPC noted that inflation, though still well above the target range, had declined somewhat between April and May, from 11.8% to 10.9%. The committee added that the rate hikes were beginning to pass through into the commercial banking sector, and that the exchange rate had become
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