These rates are compiled from information reported by the commercial banks to the Economic Information and Publications Department. The rates of interest being offered on time deposits relate to amounts J$100,000 and over.
The savings rate represents an average range of rates offered on all categories of savings deposits. The average lending rate is a simple average of the range of interest rates offered on demand loans only.
The average discount rate on three-month Treasury Bills or six month Treasury Bills in the case of Jamaica.
The average discount rates for respective countries are sourced from the International Financial Statistics, an
International Monetary Fund publication.
These interest rates fall under the Enhanced Liquidity Management Framework (ELMF), which was implemented by the Bank in 2013, for deposit-taking financial institutions in response to concerns regarding the availability of liquidity and its potential impact on credit.
The Central Bank stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.
Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.
The Foreign Exchange section provides current and historical information on the movements of major currencies in relation to the Jamaican dollar. The section also provides powerful search techniques for users to manipulate the data and generate customize reports.
The Bank of Jamaica publishes in the daily newspaper each quarter, balance sheet data for commercial banks, building societies and licensees under the Financial Institutions Act . Such financial data is based on unaudited prudential returns submitted by the licensees to the Bank of Jamaica which are required to be certified by the licensee 's management as reflecting a true and fair representation of the affairs and condition of the institution at the reporting date.
The Bank of Jamaica is committed to providing information on its activities on a timely and continuous basis. In this regard, this section is designed to provide access to all major releases compiled by the Bank of Jamaica.
The Bank of Jamaica publications are aimed at providing quality economic and financial analysis and information on Jamaica as well as timely updates on matters relating directly to the functions of the Bank.