30 September 2021
Bank of Jamaica increases Benchmark Interest Rate
Bank of Jamaica announces that, effective 01 October 2021, the rate offered on overnight balances on the current accounts of deposit-taking institutions, the policy rate, will be increased to 1.50 per cent per annum from 0.50 per cent per annum.
Consequent on the adjustment in this rate, effective Friday, 01 October 2021, the rate on the Bank’s overnight Standing Liquidity Facility (SLF) will be increased to 3.50 per cent per annum from 2.50 per cent per annum. The rates on the Bank’s weekly 14-day repurchase operations and 30-day Certificate of Deposit (CD) will continue to be determined by auction.
 On 18 March 2020, the Excess Funds Rate (EFR) was removed. The penalty on non-settlement of transactions with BOJ will be sent under separate cover.