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As Jamaica and other economies around the world consider lowering interest rates, International Monetary Fund Managing Director Kristalina Georgieva said caution is necessary.
“Bring down inflation, keep fiscal house in order and continue to focus on jobs and growth for the Jamaican people,” she advised.
The Bank of Jamaica announced last Wednesday that it would cut its policy rate by 25 basis points to 6.75%.
Affected by rising inflation, the central bank’s interest rate cut marks the end of the interest rate hike policy linked to the new crown epidemic.
This is the first cut in the policy rate since August 2019, when it was lowered to 0.5%.
Previously, the central bank had raised interest rates 10 times since October 2021, with the local policy rate rising to 7%.
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