BOJ says the Economy not shrinking

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Bank of Jamaica Governor, Richard Byles has sought to assure Jamaicans that the decision to increase the policy interest rate is not an indication that the country’s economy is shrinking.

Effective today (October 1), the rate offered to deposit-taking institutions on overnight placements with Bank of Jamaica will increase by 1 per cent to 1.5 per cent.

Noting that the increase represents the highest the rate policy has been since February 2019, Governor Byles maintains that the country’s economy is still growing.