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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : # Jamaica ' s central b...tes ( RJR )...</span>
The Bank of Jamaica (BoJ) will cut a half percentage point from its key 30 day signal rates on Wednesday bringing it down to 6.75%. The current rate on the 30 day Certificate of Deposits is a record low.The bank says the rate cut comes as inflation continues to decline in line with the target for the current fiscal year.BoJ says while international prices for agricultural commodities and oil have become more volatile, the weaker than anticipated economy has caused some suppression in prices.At the same time, the Bank said its stock of foreign reserves continue to perform above the set benchmarks after it was boosted by the proceeds from the Government's recent US$400 million bond issue.In the meantime, Vice-President at Scotia DBG Investment, Dr. Adrian Stokes has expressed surprise at the latest cut in the BoJ rate.Dr. Stokes says it was deeper than he had expected."Well it's definitely a move in the right direction. I haven't seen the release myself but the 50 basis points reduction came as a little bit of a surprise, I probably would have expected 25 basis points movement but it is definitely a move in the right direction," he said.
<span style="font-weight: bold"> Confirmed : # Jamaica ' s central b...tes ( RJR )...</span>
The Bank of Jamaica (BoJ) will cut a half percentage point from its key 30 day signal rates on Wednesday bringing it down to 6.75%. The current rate on the 30 day Certificate of Deposits is a record low.The bank says the rate cut comes as inflation continues to decline in line with the target for the current fiscal year.BoJ says while international prices for agricultural commodities and oil have become more volatile, the weaker than anticipated economy has caused some suppression in prices.At the same time, the Bank said its stock of foreign reserves continue to perform above the set benchmarks after it was boosted by the proceeds from the Government's recent US$400 million bond issue.In the meantime, Vice-President at Scotia DBG Investment, Dr. Adrian Stokes has expressed surprise at the latest cut in the BoJ rate.Dr. Stokes says it was deeper than he had expected."Well it's definitely a move in the right direction. I haven't seen the release myself but the 50 basis points reduction came as a little bit of a surprise, I probably would have expected 25 basis points movement but it is definitely a move in the right direction," he said.